Meesho has announced an Employee Stock Ownership Plan (ESOP) buyback program of INR 200 crore (approximately $25 million), marking it as the company’s largest ESOP buyback pool to date.
This signifies the fourth buyback event at the horizontal e-commerce unicorn. In February 2020, the company repurchased shares valued at $1 million, followed by $5 million in November 2020, and $5.5 million in October 2021.
Continue Exploring: Meesho fastest growing e-commerce player; GMV tops $5 Billion: Alliance Bernstein Report
The fresh buyback program will extend benefits to approximately 1,700 current and former employees spanning from junior-level executives to senior leadership positions.
Meesho offers small businesses, including SMBs, MSMEs, and individual entrepreneurs, access to millions of customers, a diverse selection from over 30 categories, nationwide logistics, payment services, and customer support capabilities.
The Vidit Aatrey-led company recently announced the launch of Valmo, a full fledged logistics marketplace that allows the network of micro-entrepreneurs to become Meesho logistics partners.
Continue Exploring: Meesho unveils Valmo platform to boost efficiency in e-commerce deliveries
In July 2023, Meesho claimed to be the first horizontal Indian e-commerce company to turn profitable. Since announcing profitability in July 2023, the company continues to remain profitable and cash flow positive. The company also reduced its losses in FY23 by 48%, but its revenue spiked 77% year-on-year to INR 5,735 crore in the last fiscal year.
