Data analytics platform Synaptic, has announced its first buyback program for employee stock options (Esops) worth $1 million (around Rs 8 crore), the company said in a statement on Tuesday.
Around 14 Synaptic employees, who have been with the startup since its early days will be eligible for the program. Currently, the firm has around 80 employees, out of which majority of them have joined in recent times.
Founded by Rohit Razdan and Anurag Abbott in 2016, Synaptic’s data and insights platform are used by venture capital firms and hedge funds to track companies, perform market research and monitor portfolios.
Synaptic was incubated by Vy Capital, a global technology investment firm with assets worth $6 billion under management.
“We are committed to creating more such opportunities for our employees. We have designed our Esop programme with employee friendly features such as a long exercise period and monthly vesting to reflect this intent,” said Anurag Abbott, co-founder, Synaptic.
Synaptic’s buyback programme for employees comes on the heels of the company raising $20 million in May, led by Valor Equity Partners.
With offices in India and the US, Synaptic is also looking to grow its operations in 2023, as many of the customer bases come from its operations outside of the United States.
The company currently has offices in India and the United States.
Earlier, the company raised $6 million in seed and Series A funding from Ribbit Capital, Felicis Ventures, and Vy Capital Management. It also plans to double down its current employee headcount in the next 18 months.
Last month, online food delivery aggregator Swiggy said that it will buy back shares up to $23 million issued under its employee stock option plan (Esop). This is part of Swiggy's two-year Esop liquidity program worth $35-40 million that was rolled out in October last year.
In May, Tiger Global-backed Razorpay Inc., a provider of online payment and lending services to businesses, has offered to buy back stock options worth up to $75 million from 650 former and existing employees.
In March, crypto unicorn Coinswitch Kuber completed its first-ever employee stock ownership plan (ESOP) buyback. The round, worth around ₹19 crore, will be funded through “a mix of internal and external resources, VCCircle reported.