B2B Commerce Unicorn Moglix Expands ESOP Pool to $10 Million Covering 300+ Employees
B2B commerce unicorn Moglix has expanded its ESOP pool further by $10 Million to include more than 300 employees under the program. Moglix has also announced an ESOP buyback program worth $3 Million for all eligible employees with vested stocks on the heels of its recent fundraise. Employees will be able to sell up to 25% of their vested shares during the buyback.
Moglix believes that as India transforms itself into the supply chain partner of the world, companies in the B2B manufacturing space will have to explore new ways to integrate India’s workforce with the wealth creation ecosystem to realize the vision for a $5 trillion economy.
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Responding to queries on the expansion of the company’s ESOP umbrella, Rahul Garg, Founder & CEO, Moglix said “We believe ESOPs represent ownership mindset and belief in the vision. Typically B2B and Manufacturing are not seen as attractive sectors for talent. But through our ESOP program and our work culture we want to make it rewarding and meaningful to work in B2B. We want to enable long term wealth creation for employees and recognize their contribution and commitment.”
One of the early joiners, Pankaj Kumar, who heads engineering and has been with Moglix for five years, shares, “Participating in the ESOP buyback was my “KBC” moment. You don’t imagine the scale of impact ESOPs can make in wealth creation; it can bring multi-generational change in just a few years. I have not cashed most of my ESOPs, as I know that no other investment can give these kinds of returns, and this is the confidence I have in the potential of Moglix.”
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Charu Agarwal, the 6th employee at Moglix, used her ESOP buyback encashment to plan a special vacation with her family and invest in her daughter’s education. Says Charu about her journey, “When you get ESOPs, you don’t realize the significance. When I participated in the buyback, I saw the impact of our growth and felt valued to be rewarded beyond salary for my dedication.”
Moglix recently entered the unicorn club with the latest fundraising round from Falcon Edge Capital and Harvard Management Company. With end-to-end supply chain operations from sourcing to financing, 30+ warehouses, and a team strength of ~1000 employees, Moglix is Asia’s largest and fastest-growing B2B Commerce company focused on manufacturing and infrastructure.
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