True Elements, breakfast and snacks startup brand, has initiated an allotment of equity shares under its employee stock ownership plan (ESOPs), starting December 2021. Largely bootstrapped, the brand currently has an ARR of 75 crore and has allotted 4 crore worth of shares under its ESOP scheme to 60 employees at zero consideration, it said in a press statement.
Sreejith Moolayil, Co-Founder & COO at True Elements said “COVID-19 pandemic has been tough on us all and despite all odds we have managed to record steady growth in a highly uncertain, cluttered and competitive market. All credit goes to our robust team of TRUE people who pulled off all stops to build and see our revenues bounce back. Rolling out these ESOPs is our small yet hopefully impactful way of rewarding them for their hard work and contribution.”
The company is offering employee stock ownership plans to their current employees, while also providing the stock appreciation rights to all the future employees joining the organization. Unlike some programmes which require employees to contribute a part of their CTC (cost to company) as an investment towards stock options, True Elements has made this a top-up component, beyond the CTC, it claimed.
True Elements has its sight on achieving 300 Cr ARR in the next 18-24 months, it said.
