Audio series platform Pocket FM yesterday announced that it has completed its first ESOP buyback worth $8.3 million. Many former and existing employees, holding vested stocks in the company, participated in this process, The Economic Times reported.

Speaking on the maiden ESOP buyback, Pocket FM co-founder and CEO Rohan Nayak said, “Today marks a significant milestone for our team – a testament to our collective hard work, dedication, and innovative spirit.

“This emphasizes our continued commitment to acknowledging the efforts of our teams, and we’re pleased that despite the challenging economic conditions, we remain unwavering in offering opportunities for wealth creation and fostering a culture of growth within Pocket FM. As we continue our journey of entertaining people worldwide, we will keep pushing boundaries, innovating relentlessly, and striving for excellence together.”

The initiative reflects Pocket FM’s acknowledgment of the contribution and dedication showcased by its workforce. The company continues to remain committed to driving innovation and excellence in the entertainment landscape and fostering a supportive and rewarding work environment to fuel its growth and success, as it expands into the global map.

The company recently announced its $103 million Series D round at a valuation of US$750 million. The company’s total fundraising to date is $196.5 million, the ET report added.