Locus Assigns $4 Mn For ESOP Buyback
Locus, a future-ready platform that automates supply chain decisions, on Tuesday announced that it has designated $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, chief executive officer, 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.”
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.
Locus had recently raised $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, chief executive officer, Pine Labs; Kunal Shah, chief executive officer, CRED; Raju Reddy, founder, Sierra Atlantic; and Deb Deep Sengupta, former president, and managing director, SAP South Asia, also participated in the round.