BENGALURU: Online grocery start-up Grofers has announced a 33 per cent hike in the annual salaries of its technology team and Employee Stock Ownesrhip Plans for its workforce in order to engage talent. Grofers co- founder and CEO Albinder Dhindsa said in a blog that as the company has secured its next round of funding, it is looking to invest more into technology infrastructure by engaging quality talent.
Dhindsa acknowledged that his firm is sub-par at compensating their technology staff compared to the peer firms, which resulted in failing to retain top talent. “This month onwards, we are going to correct this, so that we can take our first step towards being a true tech company. The entire tech team gets a no-ifs-and-buts 33 per cent increase in salary starting July (i.e. if your annual salary was Rs 30 lakh, it will now be Rs 40 lakh). Depending on how much impact each of you have created over the last year, there will also be a hefty ESOP allocation coming your way which will be communicated to you in the next few weeks,” the Grofers CEO said.
The company was reportedly valued at $644 million in a Series F funding round led by a US-based asset management company Euler Firm. Grofers , according to sources privy to the matter, has also been eyeing overseas listing through merger with a Special Purpose Acquisition Company (SPAC).“We will only succeed as an organisation if we invest heavily in tech. Our DNA needs to evolve..,” Dhindsa wrote.