Gig Workers Startup Awign Introduces INR 4 Cr ESOP Buyback Plan

Gig Workers Startup Awign Introduces INR 4 Cr ESOP Buyback Plan

SUMMARY

Awign has introduced the said ESOP buyback programme for existing and former employees

The development comes three months after Awign secured $15 Mn in its Series B funding round led by Bertelsmann India Investments and Amicus Capital Partners

The startup claims to have raised over $22.3 Mn to date and further clocked a 10X growth in revenue in the past year

Gig workers startup Awign has introduced an INR 4 Cr employee stock option plan (ESOP) buyback programme for its existing and former employees. 

The development comes three months after Awign secured $15 Mn in its Series B funding round led by Bertelsmann India Investments and Amicus Capital Partners.

It is prudent to note that introducing ESOP plans or liquidating vested ESOPs have become common practice in the Indian startup ecosystem primarily to attract talent and retain the existing workforce. 

Founded in 2016 by IIT Ropar graduates Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah, Awign helps companies perform intricate operations such as auditing, assessments, proctoring, last-mile delivery, and business development, among others through gig workers.

Awign also manages the entire job cycle of gig workers right from shortlisting for jobs to training to completing tasks, according to its LinkedIn page.

“With this ESOP buyback program, we take another step to reward our employees, and build shared ownership and value for them. We are committed to leverage ESOPs as an instrumental tool for driving wealth creation for our employees,” said Annanya Sarthak, cofounder and CEO at Awign.

Awign claims to have a presence in 400 cities of India and also aims to double its headcount by the end of 2023. It also asserts that it has raised over $22.3 Mn to date and further clocked a 10X growth in revenue in the past year.

The startup said that it runs a network of more than 1 Mn gig workers and over 100 large enterprises operating across sectors such as media and entertainment, AI/ML data operations, automotive, electrical, construction and FMCD, among others.

In recent times, homegrown startups such as car retailing platform Spinny, agritech startup Ninjacart, neobanking startup Niyo and social commerce startup CityMall, among others have either rolled out ESOP programmes or bought back ESOPs. 

Earlier in October, beauty ecommerce platform Nykaa’s board approved the formulation of ESOP 2022 along with a stock unit plan to issue up to 16 Lakh stock options to eligible employees of the company.

According to an Inc42 analysis, between January and mid-May 2022, Indian startups bought back $159 Mn worth ESOPs from their employees.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Gig Workers Startup Awign Introduces INR 4 Cr ESOP Buyback Plan-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Gig Workers Startup Awign Introduces INR 4 Cr ESOP Buyback Plan-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Gig Workers Startup Awign Introduces INR 4 Cr ESOP Buyback Plan-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Gig Workers Startup Awign Introduces INR 4 Cr ESOP Buyback Plan-Inc42 Media
Gig Workers Startup Awign Introduces INR 4 Cr ESOP Buyback Plan-Inc42 Media
You’re in Good company