Personal care brand mCaffeine has introduced an Employee Stock Ownership Plan (ESOP) for its staff. With a current headcount of 600, the company targets reaching 1,000 employees by FY24 and expanding to 2,000 by FY26.
Through this program, the brand popular for its caffeine-infused products aims to create 100 crorepatis within the company. The ESOP scheme is designed to reward employees who have displayed unwavering commitment to the brand, the company said.
Eligible employees, across seven different verticals within the industry, will be rewarded with this transformative ESOP scheme. mCaffeine will allocate 10 per cent of its shares, allowing employees to directly benefit from the brand’s impressive growth and success. Notably, 12 per cent of employees, since the brand’s inception, are still an integral part of the brand.
“With over 50 per cent employees eligible for the ESOPs, we couldn’t think of a better gift as we enter a new year. The ESOP scheme opens a new growth avenue for employees and the brand alike, hence creating opportunities for a collective and brighter tomorrow,” said Tarun Sharma, Co-founder and CEO at mCaffeine.
According to an employee, Udbhava Mishra, Founder’s Office, Growth Strategy, the program will fuel people to work harder and see the brand as their own.
The seven-year-old brand’s portfolio comprises more than 95 caffeine-based products in multiple categories, the major ones being body care, face care, eye care, hair care, and lip care. Further, it plans to add 30 more new launches.