LocoNav, fleet-tech disruptor, rewards employees and early investors for their contribution in democratizing fleet-tech across the globe; rolls out first-ever ESOP and equity buyback scheme worth US$ 3 million
LocoNav, a disruptive full-stack fleet-tech startup, has announced that it has earmarked US$ three million for its first-ever ESOP and equity buyback scheme. This comes a month after LocoNav raised US$ 37 million in Series B funding from Quiet Capital, Anthemis Group, Sequoia Capital India, Foundamental, RIT Capital Partners, Uncorrelated Ventures, Village Global, and other leading investors. The company aims to recognise the contribution of employees and early investors in enabling its growth in the last five years along with driving wealth creation with returns as high as 150x on their investment with this buyback scheme. 50+ existing and former employees will be eligible to participate in this ESOP round and liquidate part of their vested ESOPs.
Co-Founders Shridhar Gupta and Vidit Jain said, “Our exponential growth in the past few years represents the relentless contribution of our employees and the trust our early investors placed in us. We feel honored to have their support, some of whom have been our cheerleaders since the very beginning. This ESOP and equity buyback scheme is our way of showing gratitude, empowering them with wealth creation, and enabling collective ownership as the business scales across markets.”
The funds raised will add to LocoNav’s vision of democratising fleet-tech across emerging and high-growth markets along with enabling strategic acquisitions. As a full-stack and one-stop fleet-tech solutions platform, LocoNav is introducing India’s fleet management industry to SaaS offerings by leveraging data insights. The end-to-end product becomes deeply embedded in how fleet owners and operators run their business. The AI-based technology enhances fleet performance with customised recommendations that enables better decision-making including operational efficiencies, cost-savings, and driver and vehicle safety.
