LocoNav rolls out ESOP and equity buyback scheme worth $3 million

LocoNav, a fleet software company, today announced that it has set aside $3Mn for an employee stock ownership plan (ESOP) and equity buyback scheme.

Last month, LocoNav raised $37mn in a series B funding round from Quiet Capital, Anthemis Group, Sequoia Capital India, Foundamental, RIT Capital Partners, Uncorrelated Ventures, Village Global, and other investors.

LocoNav provides artificial intelligence (AI) enabled services such as GPS trackers and fleet management software for fleet owners and drivers. The company said it uses data to improve operational efficiencies, cost-savings, and driver and vehicle safety


The company said it has a presence in over 25 countries across the globe.

Around 50 existing and former employees will be eligible to participate in this ESOP round and liquidate part of their vested ESOPs. Loconav’s founders in a statement issued by the company said that it was a way for employees to create wealth, and would help in “collective ownership of the business”.