Ninjacart announces Rs 100-crore ESOP buyback program

New Delhi: Ninjacart, an agri-platform that leverages technology to organise the agriculture ecosystem, on Tuesday announced an employee stock ownership plan (ESOP) buyback worth Rs 100 crore.

Both current and former employees with vested ESOPs as of December 2021 are eligible to participate in the programme, with the option to sell the entirety of their vested ESOPs, the company said in a statement.

This is the company's second ESOP buyback. Ninjacart had conducted the first buyback in 2019.

"Ninjacart employees have been elementary to the company's success and this ESOP's plan will reward them for the commitment... They have shown during the last two years," it said.

The ESOP buyback comes on the heels of Flipkart and Walmart announcing a fresh round of joint strategic investment in Ninjacart worth USD 145 million.

Commenting on the ESOP buyback plan, Thirukumaran Nagarajan, co-founder and CEO, Ninjacart said, "I am overjoyed to share that this new year's, we can give back to our current and previous employees who stood by us and helped us achieve every milestone with their extraordinary effort."

This ESOP buyback programme is a "small gesture of our gratitude" towards the company's employees for their contribution, he added.

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