Meesho has announced its largest ever Employee Stock Ownership Plan (ESOP) buyback program, valued at Rs 200 crore (about $25 million). This is the fourth buyback by the e-commerce giant, with previous ones totaling $11.5 million. The latest initiative will benefit around 1,700 current and former employees, from junior executives to top management.
Meesho is a platform that helps small businesses, including SMBs, MSMEs, and individual entrepreneurs, connect with millions of customers. They offer a wide range of products across 30 categories, along with pan-India logistics, payment services, and customer support.
In addition to this, Meesho recently launched Valmo, a comprehensive logistics marketplace that enables micro-entrepreneurs to join as logistics partners.
Meesho achieved profitability in July 2023, becoming the first horizontal Indian e-commerce company to do so. Since then, they have remained profitable and cash flow positive. In FY23, they reduced their losses by 48%, while revenue surged by 77% year-on-year to reach Rs 5,735 crore.
Overall, Meesho ESOP buyback program reflects its commitment to rewarding employees and supporting small businesses, while also showcasing its growth and success in the e-commerce market.
