SUMMARY
Sirona’s ESOP liquidity program is taking place in two phases
Employees working with Sirona since its initial days will be covered in the first phase while the second phase will roll out ESOPs for new employees
The development comes a year after Sirona acquired women's safety products maker IMPOWER in an all-cash deal
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Feminine hygiene startup Sirona Hygiene has introduced an INR 5 Cr ESOP buyback program for its employees today (15 March, 2023).
The ESOP is taking place in two phases. Employees working with Sirona since its initial days will be covered in the first phase while the second phase will roll out ESOPs for new employees.
“We are humbled and emotional to see that Sirona has created wealth not only for its investors but also for its employees, especially those who joined us in our early days. We are here today because of the team that supported and stayed with us through this journey as we went out to create a category and build a brand. Very few companies at our scale are able to do this. I feel fortunate and blessed to have such a great team at Sirona,” said Mohit Bajaj, cofounder of Sirona.
The development comes a year after Sirona acquired women’s safety products maker IMPOWER in an all-cash deal.
Set up in 2015 by Deep Bajaj, Sirona sells an array of female hygiene products such as PeeBuddy, herbal pain relief patches, period stain remover, oxo-biodegradable sanitary napkins and menstrual cups.
The startup claims to sell toxic, allergy and cruelty-free, vegan products to customers. It also claims to have sold more than 10 Lakh menstrual cups and more than 30 Lakh PeeBuddy urination devices to date.
At present, Good Glamm Group is a majority stakeholder in Sirona, holding over 40% equity in the startup. In December 2021, Good Glamm infused INR 100 Cr into the startup along with other investors.
In the financial year 2022, the startup reported a revenue of INR 43.6 Cr while its loss stood at INR 14.5 Cr.
It counts NB Ventures, Sanjay Mehta, Ishan Singh, and Vikas Kuthiala as its investors.
It is important to note here that ESOP buybacks have been a trend in the startup ecosystem. The primary objective behind such initiatives is to attract new talent and retain the existing workforce.
In 2022 alone, 23 Indian startups liquidated more than $196 Mn ESOPs to employees, according to an Inc42 analysis.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.