Zypp Electric allocates Rs 1.5 crore for buyback, first in EV industry

Electric vehicle (EV) service platform Zypp Electric became the first company in the segment to offer employee stock ownership plan (Esop) buyback. In a statement on Thursday, it said that 15 employees, who have been a part of the company for over a year, have been allocated Rs 1.5 crore under the plan.

“I have always been selling ESOPs within the team, however as expected it had few takers on the concept. This realisation 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 future and it’s just the beginning,” said Akash Gupta, co-founder and chief executive officer at Zypp Electric.