Retailtech startup Daalchini Technologies Pvt Ltd. has announced its first-ever Esop (employee stock option programme) liquidation plan worth Rs 1 crore for its current and former employees.
Nearly 21 current and former employees have benefited from the Esop initiative across hierarchies including, vice presidents and hub managers, the company said in a release.
Daalchini’s team members with vested options are eligible to take part in the repurchase and liquidate almost 100% of their vested shares if their options are vested as of April 2022.
“We recognize the efforts of our resources towards Daalchini. We intend to encourage them to remain committed to the company and to grow. Through this initiative, we aim at paying back to our current and former employees,” said Vidya Bhushan, cofounder and chief operating officer of Daalchini Technologies.
The introduction of Daalchini’s first-ever Esop liquidation plan comes on the heels of the startup raising $4 million in a Series A round led by Unicorn India Ventures. The round also saw participation from prominent and existing investors like Artha Venture Fund, former chief executive officer of Dominos India Ajay Kaul, and VSS Investco – the investment vertical of Paytm CEO Vijay Shekhar Sharma.
“Personally, for me, Esops are an excellent wealth-creation instrument for employees, especially if one is working at an early-stage startup. It can create a win-win,” said Prerna Kalra, Co-founder, and CEO, of Daalchini Technologies.
Daalchini was founded in 2017 by ex-Paytm colleagues Kalra and Bhushan. The startup enables brands to retail affordable snacks and home-style meals to customers via its automated kiosks and smart vending machines.
It installs vending machines in corporate and co-working spaces, educational institutes, hospitals, and railway stations, offering food and beverage products from over 160 brands.
In FY22, Daalchini posted a revenue of Rs 12 crore. The startup claims that 90% of its vending machines are earnings before interest, taxes, and amortisation (Ebitda) positive within 45 days.
The company is aiming to clock Rs 50 crore in revenues with a gross merchandise value (GMV) of Rs 130 crore in 12 months. On the other hand, the firm is aiming to increase its autonomous retail points to more than 5,000 from the current 850 odd setups in the next 12-18 months.
In the past few months, a few retailtech startups raised capital, signalling increasing traction of investors towards the segment. For instance, in June, Arzooo raised $70 million from global and Indian investors including SBI Investment, Japan, and Trifecta Leaders Fund.
Also, early this year, another retailtech startup Shopkirana bagged $38 million from Info Edge, Oman India joint investment fund, and Sixth Sense Ventures, among other investors.
