Wakefit.co offers Esops buyback options to employees, looks to ramp up hiring

Sleep and home solutions startup Wakefit.co is offering its employees an employee stock ownership plan (Esop) buyback option on the sidelines of its Series B funding.

The Esop buyback worth Rs 15 crore is set to benefit about 15-20 employees, providing meaningful wealth creation opportunities for them. The scheme will allocate 6-7% of the company’s shares to the employees’ part of the pool.

The roll-out of the buyback comes in the backdrop of the recently concluded Series B round of funding, where the Bengaluru-based company had raised Rs. 185 crores at a valuation of Rs. 1900 crores led by European investment firm Verlinvest and Sequoia Capital India. As part of the Esop plan, the company will also add another 50-60 employees into the existing pool benefiting early employees for their commitment and hard work.