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By Press Trust of IndiaAugust 17, 2022
Nuclei, a SaaS platform that empowers enterprises and helps them transform the way they engage with their customers digitally, announced its maiden buyback from employees today. The company has been bootstrapped since inception and has never raised any external funding. All 102 current employees and past employees were eligible for the buyback.
The objective of the buyback is to provide employees flexibility to sell their stock appreciation right (SAR) holdings and also for the company to distribute the wealth it generated among all its shareholders. trica equity, a leading ESOP and cap table management product is the facilitator for the buyback for Nuclei.
Nuclei, founded in 2018, by serial entrepreneur and IIT Bombay alumnus Ankur Joshi, is a plug and play merchant marketplace that provides the consumer tech architecture to banks to enable them to go live with any third party service or product quickly while providing a seamless experience. They are currently working with 18+ banks like State Bank Of India, ICICI Bank, Canara Bank, Bank of Baroda, RAKBank, DBS Bank across Asia. Nuclei helps increase customer engagement and enrich customer experience for banks. With digitisation becoming a necessity over the last two years, with enterprises focussing a lot on providing more value-added services to their customers and engaging them more deeply on their mobile apps, has seen Nuclei grow tremendously in the last two years.
Ankur Joshi, the founder & CEO of Nuclei, said on the occasion, “We are on the path of building a global business out of India and we need our team to be stakeholders of the company for long term growth. Giving a stake to the entire team has helped us to build a strong sense of ownership which we see translating to strong business outcomes for our global clients. We are proud to say that we did our first buyback within 3 years of inception and we will continue to do more buybacks regularly.”
Commenting on the buyback, Sanjay Jha, Co-founder & CTO, trica equity said, “ESOP buybacks have long been part of employee welfare across organizations. While a typical buyback usually takes about five to seven years post inception of a company, ESOP buybacks are increasingly being leveraged by new age entrepreneurs and companies to better nurture and retain talent. By leveraging the trica equity software the Nuclei team was able to complete the entire buyback process in a paperless, quick and hassle free manner, while maintaining full transparency for all stakeholders be it HR, finance team as well as employees. We look forward to working with Ankur and his team as they scale not only their business but also their stock option plan for team members.”
Nuclei’s product offerings such as Arise – Platform that enables to bundle services with various 3rd party products/services and offer them as a subscription product to customers, Marketplace – Helps to become a Super-app and enable to book travel, order food & grocery, pay bills, etc. directly from their mobile app and Card Stack – Enables quickly launch a wide range of digital functionalities built around credit, debit, or pre-paid card instruments across Acquire, Manage, Use and Engage verticals helps banks to engage deeply with their customers and embed themselves in their lifestyle.