Home interior platform HomeLane has executed its second employee stock ownership buyback plan (ESOP) worth Rs 27 crore, the company said in a statement.
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, in the statement, claimed to have 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, active employees liquidated less than 50% of their eligible ESOPs.
The ESOP buyback’s sale proceeds have helped employees in more ways than one, the statement said.
“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," said Srikanth Iyer and Tanuj Choudhry, co-founders, HomeLane.
Established in 2014, HomeLane is a tech-enabled home interior brand, providing end-to-end interior services in a personalised, professional way. It claims to have a community of over 21,000 customers across the country, over the last seven years. It currently provides services in 19 cities across the country, through 34 experience centres, the statement said.
In December 2019, HomeLane raised $30 million (around Rs 214 crore) in a Series D funding round led by Evolvence India, Fevicol adhesive maker Pidilite Group and FJ Labs. One year later, HomeLane raised Rs 60 crore ($8.16 million) in a bridge funding round.
