Data science and AI solutions startup Tredence has announced its largest ESOP buyback programme worth $30 million (Rs 240 crore) on the heels of its Series B round.
The buyback will include over 270 employees globally. Eligible employees will participate in the repurchase and liquidate 40% of their vested ESOP units, Tredence said in a press release. The company announced its first stock buyback in March last year.
Tredence currently employs 2,000 people, with 80% of the workforce in India. By the end of 2023, the company plans to expand its workforce to 3,000. Nearly 700 new employees will be hired in India. Additionally, the expansion will create jobs in North America, Canada and the UK. The company also plans to open a near-shore delivery center in Latin America.
Tredence had raised $175 million in Series B round from Advent International in December 2022.
As per data compiled by Fintrackr, around 25 startups announced ESOP buybacks worth $200 million during the last year, a fall from $440 million in 2021. In 2020, the value of ESOP buyback stood at $50 million. In the ongoing calendar year, higher education-focused edtech firm Sunstone announced its ESOP buyback worth $2.3 million (Rs 18 crore).
Source @Entrackr
