Meesho Unveils Rs 200 Cr ESOP Buyback Programme

Meesho, a leading ecommerce marketplace, made headlines on Wednesday with the announcement of its Employee Stock Ownership Plan (ESOP) buyback programme valued at an impressive Rs 200 crore.

This initiative stands as the largest ESOP buyback pool in the company’s history, benefitting approximately 1,700 present and past employees.

Under this programme, both current and former employees, ranging from junior-level executives to senior leadership, have the opportunity to voluntarily participate, further aligning their interests with the company’s growth trajectory.

This marks the fourth buyback at Meesho, with previous buybacks amounting to USD 1 million in February 2020, USD 5 million in November 2020, and USD 5.5 million in October 2021.

Ashish Kumar Singh, Chief Human Resources Officer at Meesho, expressed excitement about the initiative, stating, “At Meesho, our employees are the driving force behind our success, and we’re thrilled to announce our biggest ESOP buyback program undertaken till date.”

Meesho’s financial stability and continuous profitability have contributed to its ability to undertake such substantial initiatives. The company, which became the first horizontal Indian e-commerce company to turn profitable in July 2023, has since maintained profitability and positive cash flow.

Backed by prominent investors such as SoftBank, Prosus Ventures, and Meta, Meesho has emerged as the fastest-growing e-commerce platform in the country, as per the latest report by Alliance Bernstein. With a Gross Merchandise Value (GMV) run rate exceeding USD 5 billion and approximately 120 million average monthly active users, Meesho has positioned itself as a formidable player in the Indian e-commerce landscape.

In addition to its financial achievements, Meesho has been proactive in enhancing the quality and security of its marketplace. In January, the company unveiled a series of initiatives aimed at creating a more secure shopping experience for its users. These initiatives include stringent quality checks, leveraging a combination of technology and operational processes, and investing in artificial intelligence to fortify quality controls.

The company’s commitment to ensuring a secure marketplace is further underscored by its decision to delist nearly 2 lakh products following an evaluation of customer reviews, ratings, and feedback.

Meesho’s latest ESOP buyback programme not only highlights its commitment to employee welfare but also reinforces its position as a leading player in India’s burgeoning e-commerce sector. With a focus on sustainable growth and user satisfaction, Meesho continues to set new benchmarks in the industry.