Leading logistics management platform FarEye has started the New Year 2021 with the announcement of an ESOP liquidation program for its employees. This is the first time that the company has offered liquidation of ESOPs.
Under the scheme, eligible employees can liquidate up to 35 percent of their vested ESOP shares, the company said in a statement. FarEye has announced the distribution of USD 739,000 to liquidate eligible ESOP options under this program.
Commenting on the program, Kushal Nahata, CEO, FarEye said, “2020 has been a tough year for all of us. The liquidation program is a reciprocation for the hard work of our employees. It is a small way of saying Thank you to the team as they have been working day in and day out from their homes. We announced this liquidation to make employees partners in our success and to ensure they are able to create wealth for themselves and their families. The team has been able to generate significant liquidity for themselves, which gives us immense happiness & satisfaction. With this program, we will be able to reward our most important asset – our employees whose talent and perseverance helped us become a Great Place to Work for the second time in a row in 2020. We are looking forward to expanding our team with exceptional talent in 2021 and will continue to roll-out programs with similar benefits.”
While 2020 has been a challenging year worldwide, FarEye’s business has expanded significantly as it enabled enterprises to get closer to their customers. Last year “customer logistics” was in the spotlight, when everything was bought online and the focus was to deliver the goods in the least amount of time with maximum safety. FarEye works with enterprises to provide an end to end logistics management platform which offers superior delivery experiences to the end consumers. 84% of companies that work to improve their customer experience report an increase in their revenue. Its technology platform enables enterprises to orchestrate, track, and optimize the movement of goods and adds the much-needed visibility in a typical farm to fork journey.
Last year, FarEye raised USD 37.5 million in Series D funding to expand its intelligent logistics management platform used by DHL, Walmart, Amway, and many other Fortune 500 companies. This is the second time within the last year that FarEye raised funds to support its hyper-growth in global markets, making it a total of USD 50 million in investment so far.
With significant wins in the last two quarters and 17 Gartner mentions, FarEye continues its expansion strategy in the Americas, EMEA & APAC markets with some exceptional wins on the table.
Top 3 Employee Gains
- Combined salaries at joining: Rs.17,10,000/-
- Current combined current salaries :- Rs.1,53,57,000/-
- Current salaries including ESOP values : Rs.10,87,79,150/-
- Daily-earnings at joining: Rs.4697.80/-
- Current daily earnings: Rs.42189.56/- (Not including ESOP Values)