Locus commits to long-term employee wealth creation by assigning USD 4 million for its ESOP buyback

[view original post]

You would like to read

Bengaluru (Karnataka) [India]/ San Francisco [US], July 27 (ANI/PRNewswire): Locus, a future-ready platform that automates supply chain decisions, today announced that it has designated USD 4 million for its ESOP buyback. The buyback is at par with the primary of the Series C fundraise.

Both current and former employees will be able to vest their stock options. This is the second such buyback by the company.

“The reason we’ve come this far is because of the hard work and perseverance of our teammates. This ESOP buyback is a way of showing our gratitude by helping them in their wealth creation journey. Our buyback will happen at the Series C price without any discount, unlike most buybacks,” said Nishith Rastogi, CEO, Locus. “We will also have a rolling plan to facilitate new buyback for teammates in the future as well. This will ensure continuous value creation for team members and motivate them to fulfill our shared dream of building the operating system of logistics.”

Locus had recently raised USD 50 million in Series C funding led by GIC, Singapore’s sovereign wealth fund, with participation from Qualcomm Ventures LLC and existing investors Tiger Global and Falcon Edge. Noted angel investors Amrish Rau, CEO of Pine Labs; Kunal Shah, CEO of Cred; Raju Reddy, founder of Sierra Atlantic; and Deb Deep Sengupta, former President & MD, SAP South Asia, also participated in the round.

The company uses deep machine learning and proprietary algorithms to offer smart supply chain solutions to customers across sectors like e-commerce, retail, e-grocery, CPG/FMCG, home services, home deliveries, 3PL, transportation, and B2B distribution.

This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)

DISCLAIMER

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor