India, Nov. 21 -- SaaS marketplace NowPurchase has completed its first-ever employee stock option plan (ESOP) buyback.

Naman Shah, founder and chief executive of the company, told Inc42 that through this buyback option, 40 of its employees took the opportunity to cash out a portion of their vested stock options in the company, while the rest chose to hold their shares.

Although the company did not disclose the financial terms of the ESOP, but said that the buyback was valued at around 100X the initial purchase price.

The ESOP programme was initially launched in July 2019.

Founded in 2017 by Naman and Aakash Shah, NowPurchase procures raw materials through its scrap recycling services and metal cloud platform to benefit metal manufactu...