Zetwerk buys back shares worth $8.3 million from ESOPs
B2B marketplace for manufacturing Zetwerk has bought back shares worth $8.3 million from employees and early investors, not long after it closed its $120 million Series D round led by Greenoaks Capital and Lightspeed Venture Partners.
The Bengaluru-based company, which did not disclose the number of employees who gained from the buyback, only said that a significant portion of its workforce participated in the Employee Stock Option (ESOPs) liquidation process which was done in three rounds.
“This step materializes in wealth creation for the employees and reaffirms the confidence of the founders and investors in the business,” said Amrit Acharya, co-founder, and CEO at Zetwerk Manufacturing. “We plan to carry out this exercise even in the future as we scale up our business.”
After the Series D funding round that was announced in February 2020, Zetwerk’s valuation has shot up to $600 million according to sources. The company stated that it has raised close to $200 million in funding since its establishment in 2018.
Zetwerk said it has witnessed strong growth in its business in the last two years, and that in the last 12 months alone, the company has expanded its employee base from 250 to 400. The company closed the financial year 2020 at a revenue run rate of Rs 320 crore.
The company’s ESOP buyback comes at a time when numerous Indian startups have felt that it is essential to reward their employees through wealth creation opportunities. BharatPe, FirstCry, Meesho, CarDekho, Zerodha, Urban Company, Unacademy, Shadowfax, Browserstack, and Niyo have all announced ESOP buybacks in the last 12 months.
Zetwerk has job openings across various departments like Tech, Design, Sales, Operations, Product, Human Resources, Engineering, and Procurement. Applications for these job posts could be sent by visiting the careers section of the company’s website.