PharmEasy is buying back Esops worth $3 million

Online pharmacy Pharmeasy is buying back employee stock ownership plans (Esops) worth $3 million, as it looks to instil confidence in staff amid the Covid-19 pandemic and at a time when competition is heating up with the entry of Reliance Industries and Amazon.

The Esop buyback will benefit 40-45 early employees, the Mumbai-based company said.

“We raised a round, so we decided to allocate some portion of it to do a buyback and incentivise people for all they’ve done so far and we’ll continue to do so,” said Dharmil Sheth, cofounder of Pharmeasy. “We’re in a sector that’s fortunately not affected, but our employees’ families might be affected and facing issues.”