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The company has allocated around INR 1.5 Crore to 15 dedicated employees who have been associated more than a year of service within the company.
Date: July 28, 2023
Gurugram- Zypp Electric., a tech-enabled EV-as-a-Service platform, recently announced its first Employee Stock Ownership Plan (ESOP) buyback, allocating around INR 1.5 Crore to 15 dedicated employees who have been associated more than a year of service within the company. The company claims it to be the first to provide ESOP in the EV industry.
In the current liquidation, 20% potential is realized for employes thus resulted in many more employees coming forward to avail ESOP opportunities, showing their commitment to establishing a long-term association with the company. The company also states that it has also extended ESOP benefits to Ramsevak, a long-term office boy, a testament to their inclusive approach.
Akash Gupta, Co-founder & CEO, Zypp Electric said, "This is like the realization of a long-term personal dream and an accolade to our ambitious journey. I have always been selling ESOPs within the team, however as expected it had few takers on the concept. This realization of the monetary value of ESOPs amidst employees was to make them feel the power of this amazing wealth-creation tool. We aim to continue such initiatives even in future and it's just the beginning. Making millionaires is a dream I see and it is equally important for me to ensure that my team members achieve prosperity as we foray into building the EV revolution, eventually vesting our employees with financial benefits linked to the company's achievements. We believe every team member plays a crucial role in our success, and this ESOP buyback is a step towards ensuring their well-deserved share in the company's growth. Employees have realized the value of up to INR 50lacs individually."
Commenting on the company’s initiative, Vishwajeet Singh, AVP, Marketing & Design, Zypp Electric, said, “I’ve been associated with Zypp Electric from its first day and have experienced growth of the company closer than anyone. It’s great to have liquidity coming in as a reward for diligence and motivation for tenure ahead. I’m sure this will motivate other team members and become an example of how ESOPs can be an opportunity for wealth creation along with value creation.”
Speaking about his association with the company, Sumit Raina, AGM, Business Development, Zypp Electric, said, “A much-appreciated step by the company to reward the loyalty and hard work of the team members. I am about to complete 5 years with Zypp Electric, and this liquidation was exciting for me. I believe this is just the beginning, more is yet to come and more talents will join this journey.”
About Zypp Electric:
Zypp Electric India’s Leading Tech-Enabled EV-as-a-Service platform, founded in 2017 with a Mission of Zero Emission and to make India carbon-free by using an ecosystem of Electric Vehicles and EV-based technology to make last-mile logistics sustainable and emission-free. The company currently delivers groceries, medicines, food, and e-commerce packages from point A to point B through their fully automated IoT and AI-enabled scooters which are low on maintenance and high on performance. The technology tracks batteries that can be replaced at Zypp swapping stations which are installed at key touchpoints. Eco-friendly EV services also reduce the cost per delivery and help to make the city pollution-free. Currently, it has over 16,000+ (as of June 2023) and increasing Zypp EVs and pilots (delivery executives) working towards this mission.
