Jun 15, 2024
DeHaat, a full-stack agritech platform, has successfully completed its first-ever employee stock ownership plan (ESOP) buyback program, valued at Rs 10 crore ($1.2 million). This initiative enabled 153 team members, ranging from senior vice presidents to field teams, to benefit from wealth creation, according to Rishu Garg, head of the people function at DeHaat.
To date, DeHaat has issued ESOPs worth over Rs 100 crore ($12 million) to more than 200 individuals. The company, which operates as a marketplace for the agricultural sector, providing high-quality agrarian inputs, advisory services, lending, and market linkages, has seen significant growth.
In FY23, DeHaat's gross revenue increased by 54.2% to Rs 1,965 crore, up from Rs 1,274 crore in FY22. The revenue from operations grew by 40% to Rs 2,700 crore, while the company's losses were halved in FY24. DeHaat aims to achieve full-year profitability by FY25.
The company has raised approximately $230 million to date and is valued at over $705 million, according to startup data intelligence platform TheKredible. Recently, DeHaat onboarded Bollywood actor Pankaj Tripathi as its brand endorser and agri-industry veteran Dr. K V Subbarao as its first Independent Advisor.
In addition to DeHaat, other companies like Leverage Edu, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, and Pocket FM have also completed ESOP buyback programs this year.
Source: https://entrackr.com/2024/06/agritech-startup-dehaat-completes-its-first-esop-buyback/