Licious, the first Indian D2C Unicorn has announced that it will be offering certain employees ESOPs vested daily by going on to claim that it has been the first such step that is being taken by the brand in the industry.
Further, Licious stated that employees would be allowed to liquidate ESOPs at any point of time without being subject to any terms and conditions. The opportunity can be availed once the one-year period, as mandated by company law is now over. A pool of secondary funds would be set aside by the brand every year in order to enable anytime liquidation.
This “Everyday Vesting, Anytime Liquidation” ESOP plan is expected to benefit more than 1000 Licians who have been owning ESOPs and also well appreciated for their contribution and faith demonstrated in the company. Additionally, all new Licians to whom ESOPs will be given would be added to the pool. Each Lician would be provided with appropriate guidance about this opportunity so that they would be able to take complete advantage of this novel initiative.
The Co-Founders of Licious, Vivek Gupta and Abhay Hanjura, stated – “The pandemic has taught us many lessons, and one among those is to keep your people closest to the organization and reward them for their hard work and contribution. At Licious, we have been recording unprecedented growth and that too in a highly unorganized market. Our employees’ contribution in this growth trajectory has been enormous and incentivizing them well is among our priorities. We are conscious of helping Licians meet their personal and financial goals through wealth creation as we organize the market and making vesting and buying ESOPs daily, signifies the same.
“This new initiative will not only build complete transparency, but give Licians 100% control over their vested ESOPs. It is an unprecedented initiative – the kind of wealth creation opportunity for employees that India hasn’t seen before. The value that Licious creates for the employees and customers will be reflected in our valuation. We are dedicated to seeing both those things grow!”
The brand has the most inclusive ESOPs programme in India, that benefits employees across functions, including processing centre staff, delivery boys and corporate employees. Earlier during the year, the company had even extended a buyback option that is worth INR 30 crores, which provided meaningful and real time wealth creation opportunities for the employees.
Being a category-first brand backed by technology, the biggest USP of Licious has been its superior quality product that has ensured a consistent repeat order rate of 90%, ever since the brand’s first year of operations. The brand owns as well as controls the complete supply chain of its 300 plus SKUs, in order to ensure a coherent product standard as well as uncompromising customer service. This farm-to-fork business model had made Licious the only meat and seafood brand from India to obtain certification of FSSC22000, which is one of the highest food safety certifications in the world.