 "ESOP")
AiDash, an enterprise software as a service (SaaS) company, said on Friday it had rolled out its first Employee Stock Ownership Plan (ESOP) buyback.
The plan covers full-time employees with a tenure of more than three years and allows them to cash in their vested shares to realise value accrued over time.
The company has more than 300 employees in India where it has offices in Delhi and Bengaluru. It is headquartered in San Francisco.
The buyback plan follows the recent closing of the company’s $58.5 million Series C funding round, which brought the total amount raised to $91.5 million.
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“Our growth is a testimony to the hard work demonstrated by our team members,” said Abhishek Singh, co-founder and chief executive officer of AiDash. “We have always been an employee-centric company that believes in giving a strong sense of ownership.”
ESOPs by technology companies have traditionally proven to be a successful compensation tool and a way to attract and retain talent. AiDash said with the help of recent investments it plans to expand products and services and get new talent.
“Our employees are the driving force behind our success,” said Rahul Saxena, co-founder and chief product and technology officer at AiDash. “This buyback underscores our commitment to rewarding our team and nurturing a culture of growth within the organisation.”
