Rapido announces ESOP liquidation programme

Mobility startup Rapido on Tuesday announced its first-ever Employee Stock Ownership Plan (ESOP) liquidation programme for current and former employees. Through this initiative, employees are eligible to sell a portion of their vested ESOP units immediately.

The move by the company is aimed at enhancing employee satisfaction and retention while fostering a culture of shared success and growth within the organisation, according to a release.

"This programme is generating 5X growth while underscoring Rapido's commitment to recognising and rewarding the contributions of its employees...While providing wealth creation opportunities," it said.

The ESOP buyback programme saw participation from both current and former employees of Rapido, the release said, adding that the response underlined their strong belief in the company's vision and growth potential.

Aravind Sanka, Co-founder of Rapido, said the company's "success journey would not be possible without our teams' unwavering support and dedication. With this initiative, we want to recognise and reward the team for their trust and contributions."