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SuperShare announces its first ESOP Buyback Sale; A rare event for an early-stage startup

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Business | August 8, 2022 6:56:59 PM IST
Bengaluru (Karnataka) [India], August 8 (ANI/BusinessWire India): SuperShare is excited to announce its first-ever ESOP (Employee Stock Option Programme) buyback.

In its Series A stage, SuperShare is successfully utilising ESOPs to draw in new talent while recognizing current and past employees for their support and contributions.

It's a rare event for an early-stage startup.

Team members with vested options will be eligible to take part in the repurchase and liquidate up to 50 per cent of their vested shares if their options are vested as of June 24, 2022. The announcement also strengthens the faith team members have in ESOPs as a wealth creation instrument and will hope to attract new talent.

"We're building a social media platform for the world, from India. This requires an innovative product that requires the best engineers to work through never-before-solved problems. Having recruited some amazing teammates, we believe this is the best way to convey our gratitude to the team that has stayed with us through our seed journey." - Sagar Modi, Co-founder & CEO

"We are grateful to be in a strong position in the current market despite an uncertain macro environment. The ESOP program is designed to be best-in-class with employee-friendly features like monthly vesting and an infinite exercise period; after all, we are competing with the world's biggest tech companies when it comes to talent pools." - Advaith Vishwanath, Co-founder & COO

About the Founders

Sagar Modi - Co-founder and CEO. Sagar graduated from IIT-Bombay and pursued entrepreneurship soon after quitting his first job. From being the only person in the company, Sagar built the product as its architect and designer.

Advaith Vishwanath - Co-founder and COO. Advaith ran a startup prior to this and most recently worked with Accel India's investment team from 2017 to 2019. He joined the company in June 2019 soon after leaving his job at Accel.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

 
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