Home interiors company HomeLane has announced its employee stock option plan (Esop) buyback worth Rs. 27 crores, said a statement issued today.
This is the second time Esops have been bought back by the company. This round was initiated as part of its recent Series E investment led by IIFL AMC’s Late Stage Tech Fund, OIJIF II (Oman India Joint Investment Fund) and Stride Ventures.
HomeLane provided liquidity to all those who held vested Esops including active and former employees. Former employees were offered 100% liquidity, while active employees had the option to exercise up to 35% of their vested Esops. However, the active employees liquidated less than 50% of their eligible Esops. The sale proceeds have helped employees in enabling them to use the proceeds towards buying homes and cars, investing in retirement funds and donating to causes they feel strongly 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 our exponential growth. We facilitated the Esop buyback to acknowledge their enduring contribution; this is our way to express gratitude, by supporting them in their wealth creation journey," said Srikanth Iyer and Tanuj Choudhry, co-founders, HomeLane.
"As one of India’s largest and fastest-growing home interiors brands, 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," they said.
HomeLane currently services 19 cities across the country through 34 experience centres.