Logistics SaaS startup FarEye announces second ESOP buyback programme

Aimed at rewarding and recognizing employees’ dedication and hard work in driving FarEye’s growth over the last year, this is the company’s second buyback and largest to date.

FarEye, a global SaaS platform provider transforming last-mile logistics, has announced liquidation for Employee Stock Ownership Plan (ESOP) holders worth $1.22 million via buyback. Aimed at rewarding and recognizing employees’ dedication and hard work in driving FarEye’s growth over the last year, this is the company’s second buyback and largest to date.

FarEye will be performing this buyback of vested ESOPs using its cash reserves, a move that signals the confidence the management and investors share in the business, and the important role of employees in the success of FarEye.

“Our people are our greatest asset and their hard work and dedication has enabled us to grow rapidly over the past year,” said Kushal Nahata, CEO of FarEye. “This ESOP is our way of showing our gratitude and in turn, making our employees become partners in our success. We are dedicated to cultivating the same healthy, supportive environment as we plan to expand our team further in 2022.”

In 2021 FarEye launched a revised ESOP aimed at being more employee friendly, and democratizing ESOP grants to a significant section of its over 700 employees globally. In the last year, the number of ESOP holders jumped more than 400 per cent to over 200 employees, a number that is expected to grow rapidly.

Under this liquidation, eligible employees have the opportunity to liquidate a fixed proportion of their vested ESOPs for a combined value of $1.22 million. There has been no distinction made between present and past employees, as the company looks to acknowledge the contribution of all members of the FarEye family in their journey.

FarEye’s first ESOP liquidation occurred last year, where the company announced the distribution of $739,000 to liquidate eligible ESOP options.

Continuing with its hyper-growth journey and expansion across the globe, FarEye plans to increase employee strength to over 1,000 this year. As an active employer and quickly growing SaaS company, FarEye has already attracted industry leaders from top brands like Microsoft, Amazon, and Dropbox to strengthen teams, enrich culture and build scalable, products. Over the last year, FarEye has hired several senior executives, including CRO Amit Bagga (Ex-President of APAC at Blue Yonder), CPO Suvrat Joshi (former executive at Dropbox, Amazon, Facebook, Microsoft) and CFO Manoj Rath (Ex- Genpact, Grofers, BirlaSoft, DXC Technology). Other key hires include Arun Kumar (ex-Microsoft) as SVP Engineering and Rajat Budhiraja (VP Professional Services, ex Nagarro).

Last year, FarEye raised $100 million in Series E funding to accelerate the company’s mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks. Today, FarEye has five global offices, and over 150 customers across more than 30 countries. FarEye’s platform processes over 100 million transactions monthly, supports more than 25,000 drivers and is integrated into a network of over two million vehicles, improving billions of deliveries worldwide. The company is on a journey to achieve over 100 million transactions per day by processing petabytes of data.

This article was originally published on business-standard.

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