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Cashify, a re-commerce marketplace that sells and buys used electronic gadgets, on Thursday announced employee stock ownership (ESOP) buyback plan worth $1 million.

Under the plan employees would be given the option to liquidate upto 35 per cent of their vested Employee Stock Options (ESOPs). The share buyback plan comes at a time when the company claims that it is growing at the rate of 7-8 per cent month-on-month.

"Cashify has thrived on the entrepreneurial spirit and sense of responsible ownership that our employees bring in their approach. The ESOP buyback is our way of acknowledging and rewarding their efforts. We believe that this will help unlock value, and create wealth for our high-performing talent," said Mandeep Manocha, founder, and CEO of Cashify.

This announcement comes after the company raised $ 15 million from Olympus Capital. It is the first ESOP sale event that rewards those employees who are contributing to success of the organisation. The benefit will be used as an instrument to recruit new talent while retaining experienced and dedicated employees.

Founded by Mandeep Manocha, Nakul Kumar, and Amit Sethi, Cashify is a re-commerce market-place, which offers an online platform to sell old, or used electronic gadgets -- primarily smartphones, laptops, tablets, desktops and Gaming Consoles.