SaaS platform FarEye announces ESOP buyback worth $1.2 mm

Noida based Software-as-a-Service (SaaS) firm, FarEye, which is focussed on the logistics sector, has announced an Employee Stock Ownership Plan (ESOP) buyback worth $1.22 million after an ESOP liquidation of $739,000 in December 2020.
 
ESOPs and the buybacks have become a huge draw for the start-up ecosystem since past few years, attracting top talent and aiding in workforce retention and liquidation.

In 2021, FarEye launched a revised ESOP aimed at being more employee friendly, and democratising ESOP grants to a significant section of its 700+ employees globally. In the last year, the number of ESOP holders jumped more than 400 per cent to over 200 employees, a number that is expected to grow rapidly.
 
Under this liquidation, eligible employees have the opportunity to liquidate a fixed proportion of their vested ESOPs for a combined value of $1.22 million. There has been no distinction made between present and past employees, as the company looks to acknowledge the contribution of all members of the FarEye family in their journey, according to a company statement.
 
FarEye's first ESOP liquidation occurred last year, where the company announced the distribution of $739,000 to liquidate eligible ESOP options.
 
"Our people are our greatest asset and their hard work and dedication has enabled us to grow rapidly over the past year. This ESOP is our way of showing our gratitude and, in turn, making our employees become partners in our success. Through our team’s talent and perseverance, we have been named a 'Great Place to Work' for the third time in a row in 2021 and we are dedicated  to cultivating  the same healthy, supportive environment as we plan to expand our team further in 2022,” Kushal Nahata, CEO of FarEye, said.
 
FarEye plans to increase employee strength to over 1,000 this year. The company said that it has hired talent at key leadership roles from Microsoft, Amazon, and Dropbox to strengthen teams, enrich culture and build scalable, world-class products.

Over the last year, FarEye has hired several senior executives, including CRO Amit Bagga (Ex-President of APAC at Blue Yonder); CPO Suvrat Joshi (former executive at Dropbox, Amazon, Facebook, Microsoft); and CFO Manoj Rath (Ex- Genpact, Grofers, BirlaSoft, DXC Technology). Other key hires include Arun Kumar (ex-Microsoft) as SVP Engineering and Rajat Budhiraja (VP Professional Services, ex Nagarro).

FarEye raised $100 million in Series E funding to accelerate the company’s mission of empowering brands to provide Amazon Prime-like delivery experiences and redefining how products are delivered across diverse logistics networks.