Business News

NowPurchase Completes Maiden ESOP Buyback

SaaS-enabled marketplace for metal manufacturers NowPurchase has successfully completed its first-ever Employee Stock Option Plan (ESOP) buyback. The company, founded in 2017 by Naman Shah and Aakash Shah, specializes in procuring raw materials through its scrap recycling services and MetalCloud platform, benefiting metal manufacturers. The buyback was a notable milestone in the company’s journey, offering liquidity to employees who hold stock options.

Recent Funding and Growth

NowPurchase had previously raised $6 million in an equity and debt round in September, led by Info Edge Ventures. This follows the company’s $2.4 million seed round raised in January 2022, also led by Orios and InfoEdge Ventures. The funding enables the company to expand its offerings and solidify its position in the market.

"NowPurchase ESOP buyback

Core Services and Platform

The company offers real-time price discovery and stock updates through a WhatsApp bot, on-ground services, and quality assurance teams. MetalCloud, NowPurchase’s proprietary SaaS platform, serves as an operating system to increase transparency and efficiency in metal production and melting processes.

NowPurchase’s MetalCloud platform is used by over 250 factories, including large corporations like Titagarh Rail Systems Limited and Brakes India.

Industry-Wide Trend

The ESOP buyback is part of a broader industry trend, as more than 20 startups have implemented ESOP buyback, liquidity, and payout programs worth around $200 million in 2024 alone, according to TheKredible’s data.

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