23 November 2022: Pune-based student rental platform announces the launch of its first ESOP buy-back to appreciate and reward its existing and past employees for their support and contribution to its growth.
The leading student rental platform, amber, announced the launch of its first ESOP buy-back in January 2023. With this ESOP buy back programme, the company aims to reward current and past employees for their support and contributions towards its exponential growth. Employees with a combined ESOP value of 16 crore INR will be eligible for ESOP buyback.
“Today, we are proud to be the partner of choice for over 1 million students worldwide. Our teammates have been integral to this success. It’s incredible how the team at amber stuck together and enabled the company’s growth during unprecedented times,” Saurabh Goel, founder and CEO of amber, told us. “With the desire to honor their efforts, we are very excited to announce our first ESOP buy-back.”
The stock options(ESOP) are allotted to an employee when they join or based on certain milestones. To recognize the hard work of their employees, companies offer Employee Stock Ownership Plan (ESOP) buybacks which allow employees to sell the stock options back to the company at a higher ROI, generating a cash component for the employees. Amber’s launch of its first ESOP buy-back in the new year is a testament to their belief in appreciating good work.
Madhur Gujar, co-founder and Chief Business Officer, added, “The last two years were exceptionally challenging for the market. Despite the hurdles, the team steered the company towards achieving 12x growth in revenue. It’s been a pleasure working with this team, and we are truly grateful.”
The company was founded in 2016 with a team of 10 members. But over the years, they doubled up on talent and grew into a team of over 400 employees. The company plans to double its employee strength, and continue its global expansion while eyeing $1 billion in gross booking value by 2023.
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