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CityMall Introduces Maiden ESOP Buyback Plan Worth $1.3 Bn

CityMall recently announced having conducted its first Employee Stock Ownership Plan (Esop) buyback programme worth 1.3 million dollars

Photo Credit : constructive.net.au,

CityMall recently announced having conducted its first Employee Stock Ownership Plan (Esop) buyback programme worth 1.3 million dollars. As per the firm, over 50 employees across its senior management and core team participated in the buyback programme.

CityMall is backed by investors like Accel, Elevation Capital and General Catalyst. It managed to raise 75 million dollars in March, three months after which the company fired around 191 employees to adapt to the changing macroeconomic environment.

The firm was founded in 2019 by Kikla and Naisheel Verdhan. It is a community commerce platform for small cities, towns and villages which sells grocery, fastmoving consumer goods (FMCG) along with home and kitchen-related products. Its presence is spread across 22 cities and towns across Haryana, Uttar Pradesh and Delhi-NCR.

The firm claims to have grown 30 per cent month on month since inception and that it serves more than a million customers.


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