+
HomeLane has launched an ESOP buyback programme worth INR 27 crore
Real Estate

HomeLane has launched an ESOP buyback programme worth INR 27 crore

HomeLane, a home interiors business, has announced an INR 27 crore ESOP (employee stock ownership plan) repurchase scheme, the company's second of its kind. It raised $50 million (INR 371 crore) in a Series E round headed by IIFL AMC's late-stage tech fund, OIJIF II (Oman India Joint Investment Fund), and current investor Stride Ventures last year.

Liquidity was available to both current and past HomeLane employees with vested ESOPs. Former employees were given the option to sell up to 100% of their stock, while current employees were given the option to liquidate up to 35% of theirs.

Less than half of active employees' ESOPs that were eligible for liquidation were liquidated. Many of the company's employees, according to the company, put their profits into homes, automobiles, and retirement savings, as well as donating to causes they care about.

“We are deeply humbled by the response of our team, with a majority of them deciding to stay vested in the company through only partial liquidation of their stock options.

Our team’s conviction and relentless efforts have powered HomeLane’s exponential growth. We facilitated the ESOP buyback to acknowledge their enduring contribution,” said Srikanth Iyer, cofounder of HomeLane. “We will continue to invest in high-quality talent across business, product and technology, design and operations, across the country. Despite the temporary resurgence of COVID-19, we are confident that the need for branded home interiors will continue to grow rapidly,” said Tanuj Choudhry, cofounder of HomeLane.

Indian firms have started an ESOP buyback trend in order to combat attrition and attract talent. Employee stock ownership plans (ESOPs) are being used by an increasing number of companies as a tool for employee retention and wealth building. Ninjacart, an Indian agritech firm, said last week that it has launched an employee stock ownership plan (ESOP) valued more than INR 100 crore.

Also Read
https://www.constructionworld.in/latest-construction-news/real-estate-news/interiors/these-exquisite-items-will-ramp-up-your-home-decor/32831
https://www.constructionworld.in/latest-construction-news/real-estate-news/interiors/give-a-design-uplift-to-your-bathrooms/33012

HomeLane, a home interiors business, has announced an INR 27 crore ESOP (employee stock ownership plan) repurchase scheme, the company's second of its kind. It raised $50 million (INR 371 crore) in a Series E round headed by IIFL AMC's late-stage tech fund, OIJIF II (Oman India Joint Investment Fund), and current investor Stride Ventures last year. Liquidity was available to both current and past HomeLane employees with vested ESOPs. Former employees were given the option to sell up to 100% of their stock, while current employees were given the option to liquidate up to 35% of theirs. Less than half of active employees' ESOPs that were eligible for liquidation were liquidated. Many of the company's employees, according to the company, put their profits into homes, automobiles, and retirement savings, as well as donating to causes they care about. “We are deeply humbled by the response of our team, with a majority of them deciding to stay vested in the company through only partial liquidation of their stock options. Our team’s conviction and relentless efforts have powered HomeLane’s exponential growth. We facilitated the ESOP buyback to acknowledge their enduring contribution,” said Srikanth Iyer, cofounder of HomeLane. “We will continue to invest in high-quality talent across business, product and technology, design and operations, across the country. Despite the temporary resurgence of COVID-19, we are confident that the need for branded home interiors will continue to grow rapidly,” said Tanuj Choudhry, cofounder of HomeLane. Indian firms have started an ESOP buyback trend in order to combat attrition and attract talent. Employee stock ownership plans (ESOPs) are being used by an increasing number of companies as a tool for employee retention and wealth building. Ninjacart, an Indian agritech firm, said last week that it has launched an employee stock ownership plan (ESOP) valued more than INR 100 crore.Also Read https://www.constructionworld.in/latest-construction-news/real-estate-news/interiors/these-exquisite-items-will-ramp-up-your-home-decor/32831 https://www.constructionworld.in/latest-construction-news/real-estate-news/interiors/give-a-design-uplift-to-your-bathrooms/33012

Next Story
Infrastructure Transport

Syama Prasad Mookerjee Port Partners to Redevelop Nimtala Ghat

Kolkata: Syama Prasad Mookerjee Port, Kolkata (SMPK), signed a Memorandum of Understanding (MoU) on Tuesday with PS Group Realty Private Limited to redevelop and beautify Nimtala Ghat as part of PS Group’s Corporate Social Responsibility (CSR) initiative.The agreement was formalised at SMPK’s Head Office at 15, Strand Road, in the presence of SMPK chairman Rathendra Raman, deputy chairman Samrat Rahi, PS Group directors Saurav Dugar, Gaurav Dugar, Arun Sancheti, and senior SMPK officials.Under the MoU, PS Group will undertake the full redevelopment and permitted construction of Nimtala Imm..

Next Story
Infrastructure Urban

CSIR-NCL and Covestro Collaborate to Upcycle Polyurethane Waste

In a move towards sustainable plastic waste management, Pune-based CSIR-National Chemical Laboratory (CSIR-NCL) signed a Memorandum of Understanding (MoU) with Covestro (India) Private Limited on Wednesday to develop innovative upcycling technologies for polyurethane waste.Polyurethane is notoriously difficult to recycle, with current methods often proving inefficient, costly, and environmentally harmful. This collaboration aims to address existing challenges, including high energy usage and deterioration of material quality during recycling.Ashish Lele, director of CSIR-NCL, stated, “This p..

Next Story
Infrastructure Urban

Torrent Pharma Seeks CCI Approval for Rs 195 Billion JB Chemicals Deal

Ahmedabad-based Torrent Pharmaceuticals has sought clearance from the Competition Commission of India (CCI) to acquire a majority stake in J B Chemicals and Pharmaceuticals in a Rs 195 billion deal.Upon completion, Torrent Pharmaceuticals will become India’s second most valuable pharmaceutical company.The move follows Torrent’s June announcement to acquire a majority stake in J B Chemicals for Rs 195 billion.“The proposed combination pertains to the acquisition of shareholding by Torrent Pharmaceuticals Ltd in J B Chemicals & Pharmaceuticals Ltd, followed by the merger of the target ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?