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LocoNav, a disruptive full-stack fleet-tech startup, today announced that it has earmarked $3Mn for its first-ever ESOP and equity buyback scheme. This comes a month after LocoNav raised $37M 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 recognize the contribution of employees and early investors in enabling its growth in the last 5 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 democratizing 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 customized recommendations that enables better decision-making including operational efficiencies, cost-savings, and driver and vehicle safety.
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