Zypp Electric empowers employees with INR 1.5 Cr ESOP buyback

EV-as-a-Service platform Zypp Electric has allocated approximately INR 1.5 Crore to 15 dedicated employees who have been associated with the company for more than a year, introducing its first-ever Employee Stock Ownership Plan (ESOP) buyback in India’s EV space.

Zypp Electric is the first company to offer this ESOP buyback initiative within the EV industry in India. The buyback allows employees to realize 20% of the potential value, with the aim of creating several millionaires among them, thus motivating employees to establish a long-term association with the company and share in its growth, said a company release.

In this regard, Akash Gupta, Co-founder & CEO, Zypp Electric said, “This is like the realization of a long-term personal dream and an accolade to our ambitious journey. I have always been selling ESOPs within the team, however as expected it had few takers on the concept. This realization of the monetary value of ESOPs amidst employees was to make them feel the power of this amazing wealth-creation tool. We aim to continue such initiatives even in future and it’s just the beginning. Employees have realized the value of up to INR 50 lacs individually.”

Commenting on the company’s unique initiative, Vishwajeet Singh, AVP, Marketing & Design, Zypp Electric, said, “I’ve been associated with Zypp Electric from its first day and have experienced growth of the company closer than anyone. It’s great to have liquidity coming in as a reward for diligence and motivation for tenure ahead. I’m sure this will motivate other team members and become an example of how ESOPs can be an opportunity for wealth creation along with value creation.”

Speaking about his association and rewarding experience with the company, Sumit Raina, AGM, Business Development, Zypp Electric, said, “A much-appreciated step by the company to reward the loyalty and hard work of the team members. I am about to complete 5 years with Zypp Electric, and this liquidation was exciting for me. I believe this is just the beginning, more is yet to come and more talents will join this journey.”

Also Read: Zypp Electric raises $25M funding in series B round led by Gogoro