Shipsy, a SaaS-based smart logistics management provider, has announced its first ESOP buyback. According to a statement issued by the company, the buyback is open to all existing and full-time employees of Shipsy who have worked there for at least a year.
The company also stated that Shipsy’s employee count had surpassed 350 in less than seven years. According to the SaaS platform, its recurring revenue increased by over 100% last year, while its customer base increased by 75%.
Soham Chokshi, CEO and Co-founder of Shipsy, stated, “We have seen tremendous growth in the last few years. Our success is a combined effort of each of us at Shipsy, and celebrating it together is a part of our cultural DNA. We extended the buyback option to make these victories sweeter for our employees and their families, who have been consistent partners in our success. It is just one way of expressing our gratitude for the value they bring to the company.”
The company has offices and a significant presence in Southeast Asia and the Middle East in addition to India, and it expects to have operations in the Americas and Europe soon.
Early this year, A91 Partners and Z3 Partners, along with existing investors Info Edge and Sequoia Capital India’s Surge, invested $25 million in Shipsy, bringing the company’s total funding to about $33 million.