Online reseller of used mobile phones Cashify on Thursday announced ESOP or employee stock ownership buyback plan worth $1 million, wherein employees would be able to liquidate up to 35% of their vested ESOPs.
The move comes shortly after the company announced a $15 million funding round from Olympus Capital Asia.
Cashify claims to be growing at 7-8% month-on-month and this is its first ESOP sale, through which they want to provide ownership and rewards to those who are contributing to its success and to use it as an instrument to recruit new talent while retaining experienced and dedicated employees.
“Cashify has thrived on the entrepreneurial spirit and sense of responsible ownership that our employees bring in their approach. The ESOP buyback is our way of acknowledging and rewarding their efforts. We believe that this will help unlock value, and create wealth for our high-performing talent, “ Mandeep Manocha, founder and CEO of Cashify, said in a statement.
Founded in 2013 by Mandeep Manocha, Nakul Kumar, and Amit Sethi, Mumbai-based re-commerce platform Cashify sells sell old, or used electronic gadgets - primarily smartphones, followed by laptops, tablets, desktops and Gaming Consoles. With over 20 lakh customers and 1500 plus serviceable locations, Cashify is also an exclusive buyback partner for brands like Apple, Xiaomi, OnePlus, Vivo, Oppo, HP, Samsung, and Dell in India.