Ninjacart, India’s largest agri-platform which leverages technology to organize the agriculture ecosystem, has announced that it has implemented an employee stock ownership plan (ESOP) buyback worth 100 CR for its employees. Both current and former employees with vested ESOPs as of December 2021 are eligible to participate in the ESOP buyback programme, with the option to sell the entirety of their vested ESOPs. This is the company’s second ESOP buyback, Ninjacart had its first buyback in 2019. Ninjacart employees have been elementary to the company’s success and this ESOP’s plan will reward them for the commitment and resiliency they have shown during the last two years.
This latest ESOP buyback announcement comes on the heels of Flipkart and Walmart announcing a fresh round of joint strategic investment in Ninjacart worth US$145 million. This will help boost Ninjacart’s mission to build world-class teams and attract and retain the best talent – an objective that is etched into the company’s leadership principles. The investment is set to further bolster the company’s vision towards building technology and infrastructure to organize, empower and enhance the lives of millions of agri value chain participants including farmers, resellers, retailers, consumers, and supply chain participants.
Thirukumaran Nagarajan, Co-founder and CEO, Ninjacart said, “I am overjoyed to share that this new year’s, we can give back to our current and previous employees who stood by us and helped us achieve every milestone with their extraordinary effort. This ESOP buyback programme is a small gesture of our gratitude towards our employees because, without them, we will not be where we are today. ESOP buyback plans offer people a true chance at wealth creation and it allows employees to participate in the company’s success which has only been possible through their hard work and loyalty.”
Further on, Nagarajan added, “At Ninjacart, we are in a constant process of improving our culture. In continuation to our recent initiatives, we intend to invest in employee experience, work tools, and positive workplace initiatives. We encourage our employees to give importance to their mental and physical well-being by retaining a proper work-life balance. We implore our teams to adopt a problem-solving and tech-driven attitude that can eventually help them to excel in their professions and focus on becoming leaders in the agritech space.’’
Considering the complexities of the food supply chain in India, Ninjacart has been instrumental in developing an efficient and sustainable food supply chain infrastructure using its tech expertise and innovations. The company is actively aiming to improve diversity in tech and product jobs by creating a fair playing field for aspirants and best-in-class talent from all around India. The company is looking to acquire more skilled professionals, develop a healthy working environment for its employees, and hire people with leadership characteristics who can reflect its fundamental values and leadership principles as the company grows.