PharmEasy has announced a $3 Mn ESOP buyback, as it looks to instill confidence in staff amid the Covid-19 pandemic.The buyback will benefit 40-45 nearly employees of the Mumbai-based company.
PharmEasy was valued at around $700 Mn when it raised $220 Mn, led by Temasek last year. PharmEasy also counts venture capital firm Orios Venture Partners and Eight Roads as its early backers.
“We raised a round, so we decided to allocate some portion of it to do a buyback and incentivise people for all they’ve done so far and we’ll continue to do so. We’re in a sector that’s fortunately not affected, but our employees’ families might be affected and facing issues,” Dharmil Sheth, cofounder of PharmEasy told ET.