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New is Now.

In the recent inauguration of the Bengaluru Tech Summit, Mr. Narendra Modi said that our governance model is Tech-First. 

The tech adoption rate has been the highest during the pandemic, forcing people to forgo usual tasks and work online. This phase has been called “the quickening” where a decade’s worth of tech adoption happened in 6 months. With sectors such as education, retail, and finance going online, it’s been a great boost for the country with respect to technology.

According to Narendra Modi, India is at a very advantageous stage where we can create technology solutions in India which can then be deployed throughout the world. India has good technologists with the ability to find solutions. One of the most beneficial of these advancements were farmers and families in rural areas, who were able to order necessities at the click of a button.

With the mitigation of compliance with regards to the IT sector, it will be easier for India to deploy its solutions to different parts of the world. The theme of the tech summit is “Next is now”. Modi said that it was only fitting that technology was aiding with the organizing of this event. In the inauguration, the PM also spoke about the importance of technology in the Indian government, and the benefits it has yielded for everyone, and how Indian technologists will keep yielding benefits for themselves and everyone related to them.

Technology has already become a huge part of our day to day life and it will only make life easier for us. Improved technology requires the best minds to come together and find solutions. And thereby calling for the fortification of tech teams. Without great tech leaders with visions, there is no scope for improvement. This means every company will look for tech leaders as CTO’s will be indispensable for an organization to thrive.

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ESOP Buyback

With employees working hard despite the slump in business due to the pandemic, companies like Unacademy, Zerodha, Meesho offered the ESOP buyback options to their employees as a way of showing their gratitude as well as incentivize them. ESOP is a way of letting employees know that they are a part of the company and it motivates them to work smarter.

What is ESOP buyback?

Under an ESOP buyback, employees holding vested ESOPs can sell their ESOPs to their company or employer. Startup companies may choose to buy back the ESOPs at a premium under specific instances. Employees get a chance to share the rich valuations and feel rewarded for their continued commitment. The buyback creates wealth for both the employer and employee.

Buybacks can easily be called a method of employee compensation by startups. The scheme is offered to improve pay packages thereby ensuring a higher employee retention rate, which is the biggest challenge faced by many startups today. 

Two of our clients- PharmEasy and Swiggy have announced that they will be buying back their stocks from the employees as a way to support their families and as a way to deal with the operational losses caused by COVID -19. 

Leading Health-Tech brand, PharmEasy has decided to buy back the stocks for around $3 million. With the competition increasing in the sector, with Amazon and Reliance entering the market, PharmEasy is using this as a wa`y to inculcate confidence within its employees. The buyback will benefit the early employees majorly. In the latest funding round in November 2019, PharmEasy raised $220 Million.

With FoodTech getting back to their feet after the lockdowns, Swiggy says that they’ve recovered by 80% with the food delivery services. To incentivize the employees, they will also be introducing the ESOP Buyback options. The buyback will benefit both current and former employees of the company. Some of them may profit about 3x from the initial price. 

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Podcast

Episode 12- Nitin Gupta, Head of Product and Engineering, Milkbasket

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