The retail tech startup Daalchini Technologies Pvt Ltd. has announced its first-ever ESOP (employee stock option programme) liquidation plan for its current and former employees worth Rs 1 crore.

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It is estimated that nearly 21 current and former employees have benefited from this ESOP initiative across hierarchical levels, ranging from vice presidents to hub managers, the company said in a press release.

As per a press release by the company, Daalchini’s team members with vested options are eligible to take part in the repurchase and liquidate almost 100 percent of their vested shares if their options are vested as of April 2022.

“We recognize and acknowledge the efforts and dedication of our resources towards Daalchini. We intend to encourage them to remain committed to the company and to grow. Through this initiative, we aim at paying back to our current and former employees for relentless efforts,” said Vidya Bhushan, Co-founder, and COO, of Daalchini Technologies.

Through the ESOP Daalchini intends to recognize and reward current and past employees for their support and contribution.

“Our aim is to have an employee-friendly culture at Daalchini. Personally, for me, ESOPs are an excellent wealth-creation instrument for employees, especially if one is working at an early-stage startup. It can create a win-win,” said Prerna Kalra, Co-founder, and CEO, of Daalchini Technologies.

Recently the startup also raised $4 million in a Series A round led by Unicorn India Ventures.

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The round also saw participation from prominent and existing investors like Artha Venture Fund, Ajay Kaul – former CEO of Dominos India, and VSS Investco – the investment vertical of Vijay Shekhar Sharma – CEO of Paytm.

The company was founded in 2017 by former Paytm colleagues Kalra and Bhushan. With its automated kiosks and smart vending machines, the startup provides brands with affordable snacks and home-style meals for customers.

It installs vending machines in corporate and co-working spaces, educational institutes, hospitals, and railway stations, offering food and beverage products from over 160 brands.

In FY22, Daalchini posted a revenue of Rs 12 crore. The startup claims that 90 percent of its vending machines are earnings before interest, taxes, and amortisation (Ebitda) positive within 45 days.

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First Published:Nov 1, 2022 2:13 PM IST