True Elements has initiated an allotment of equity shares under its employee stock ownership plan (ESOPs), starting 7th Dec 2021. Largely bootstrapped, the brand currently has an ARR of 75cr and has allotted 4cr worth of shares under its ESOP scheme to 60 employees at zero consideration.
Speaking about the initiative, 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 & 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.”
This initiative strengthens the brand’s pillar of being TRUE to its People as it offers 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. True Elements recently got globally recognized as India’s first food brand to be Clean Label & 100% Wholegrain certified. It is re-charting the ethos of home-grown food businesses and of being a responsible, sustainable, and conscious start-up. With a robust product innovation pipeline, rapidly increasing offline distribution in both domestic & international geographies, increasing brand salience & repeat rates of over 65%+, True Elements has its sight on achieving 300 Cr ARR in the next 18-24 months.