Zypp Electric Announces Industry-First INR 1.5 Cr ESOP Buyback Program

Zypp Electric, a tech-enabled EV-as-a-Service platform recently announced its first Employee Ownership Plan (ESOP) buyout, allocating around INR 1.5 crore to 15 dedicated employees tied to more than a year's tenure within the company. This initiative is another step towards the company's commitment to strengthening its workforce and fostering a culture of shared success. Zypp Electric is the first company in the EV segment to offer ESOP buybacks in India.

In the current liquidation, 20% of the capacity has been realized with the intention of supporting many displaced millionaires. This has resulted in many more employees signing up to take advantage of the ESOP opportunity, demonstrating their commitment to establishing a long-term partnership with the company and benefiting from its growth. Zypp Electric has also extended ESOP benefits to Ramsevak, a long-time office worker, a testament to its inclusive approach.

Akash Gupta, Co-founder & CEO, of 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 among employees was to make them feel the power of this amazing wealth-creation tool. We aim to continue such initiatives even in the 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."

Zypp Electric employees appreciated this initiative to reward their dedication and loyalty to the company. They expressed that it further strengthened their association with the company, motivating them to contribute to its continued growth and success.

Commenting on the company’s progressive initiative, Vishwajeet Singh, AVP, of Marketing & Design, at 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 and rewarding experience 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.”