Tiger Global and Accel Partners-backed Zinka Logistics Pvt. Ltd, which operates online marketplace for logistics BlackBuck, has bought back shares from employees.
Two-year-old BlackBuck has around 1,000 employees and 15% of them are covered under the Employee Stock Option Plan (ESOP). Of the 150 employees who can avail of ESOP, 35 have opted for the share sale, the company said. However, it did not disclose the total worth of the shares repurchased.
“The buyback provided 11 times returns within the one-year time window, for employees who exercised this option,” the firm said. “The entire process has been completed and the payment has been made to those who opted for the buy-back plan,” it said.
BlackBuck is one of the fast-growing startups. In two years, it raised $100 million from investors including Tiger Global, Accel Partners, IFC, Yuri Milner’s Apoletto Fund and Flipkart—which explains the 11-fold rise in stock value.
The company said it repurchased stock at market price—the price at which the investors value it. Co-founder Rajesh Yabaji told VCCircle in March that the company is nearing profitability.
Source: VCCircle
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