HomeStartup NewsA Chandigarh-based agri-tech startup is giving ESOPs worth Rs 12 crore

A Chandigarh-based agri-tech startup is giving ESOPs worth Rs 12 crore

Announcing this move, Ruchit G Garg, the founder and CEO of HFN said, ‘Building a company requires a great team, and we want to ensure everyone is aligned and grows with the company’.

By Jescilia Karayamparambil  March 23, 2023, 8:36:16 PM IST (Updated)

Chandigarh-based agri-tech platform Harvesting Farmer Network (HFN) has announced Employee Stock Ownership Plans (ESOPs) worth Rs 12 crore to all its employees, regardless of their designation or hierarchy within the company. Under this programme, around 35 employees will be eligible.

Announcing this move, Ruchit G Garg, the founder and CEO of HFN said, ‘Building a company requires a great team, and we want to ensure everyone is aligned and grows with the company’.

He added that the company has extended stock options plans not just to the leadership team, but to every single employee of HFN.

The ESOPs will be available to all eligible employees, with the number of shares granted based on each employee's tenure, performance, and contribution to the company's growth.

The stocks will vest over a period of time, ensuring that employees remain committed to the company's long-term success.

This is a big move especially for the entry-level employees, the company said.

As of August 2022, more than 3.7 million farmers in India are connected with HFN over various digital platforms across every state in India, including farmers from far east areas such as Nagaland to northern regions like Pulwama, J&K as well as Kutch in Gujarat.

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