CityMall Initiates $1.3 Mn ESOP Liquidity Program For 50+ Employees

SUMMARY

CityMall said that the ESOP buyback program would help to build a robust, fast-growing and employee-centric startup

The development comes three months after Inc42 reported that CityMall sacked about 191 employees as a part of its cost-cutting measure

In March, CityMall secured nearly $75 Mn in its Series C funding round led by Norwest Venture Partners

Social commerce startup CityMall has initiated its Employee Stock Ownership Plan (ESOP) liquidity program for over 50 employees. Under the program, eligible employees including core team members and senior management will have the option to liquidate stock options up to $1.3 Mn.

CityMall said that the ESOP buyback program will help to build a robust, fast-growing and employee-centric startup. The ESOP liquidation is a way to recognise the efforts of early employees, who joined CityMall in its initial years and have made significant contributions in its journey.