Online gaming platform Head Digital Works on Thursday said the company has completed its first-ever employee stock option plan (ESOP) buyback programme of $3 million.
This comes at a time when the online gaming sector is facing financial burden with regard to the 28% goods and services tax (GST).
Among eligible ESOP holders, 97% opted to sell a portion of their stocks, the company said. Nearly half of the firm’s over 500 employees benefited from the buyback, it added.
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“Despite the current challenges in the industry, we have been mindful of our operations and are focused on ensuring stability and growth,” said Deepak Gullapalli, founder and CEO of Head Digital Works.
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“This is the first in our 18-year history, and with more to follow, it demonstrates our commitment to long-term wealth creation for our employees,” Gullapalli added.
The company operates platforms like A23 Rummy, A23 Poker and Cricket.com. A23 has over 70 million registered users across India, the company said.
In October, skill-gaming platform WinZO also announced the conclusion of its fourth round of ESOP buyback.
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