True Elements, amongst India's leading healthy breakfast and snacks start-up brands, has initiated an allotment of equity shares under its employee stock ownership plan (ESOPs), starting December 07, 2021.
Largely bootstrapped, the brand currently has an ARR of Rs 75 crore and has allotted Rs 4 crore worth of shares under its ESOP scheme to 60 employees at zero consideration.
Sreejith Moolayil, Co-Founder and 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, and 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 stock appreciation rights to all the future employees joining the organization. Unlike some programs 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 and 100 percent 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 and international geographies, increasing brand salience, and repeat rates of over 65 percent+, True Elements has its sight on achieving Rs 300 crore ARR in the next 18-24 months.