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Indian social media startup ShareChat has added $14 Mn to its ESOP pool, which now stands at $35 Mn
ESOPs are used as an worker profit plan, to present workers an possession curiosity within the firm
ShareChat additionally introduced 50% extra ESOPs as a bonus for the present workers holding ESOPs within the firm
Indian social media startup ShareChat, on Wednesday (September 23), infused one other $14 Mn in its ESOP (worker inventory possession plan) pool. As of now, the corporate’s ESOP pool stands at $35 Mn.
ESOPs are used as an worker profit plan, to present workers an possession curiosity within the firm. The individuals in an ESOP plan additionally obtain tax advantages.
ShareChat additionally introduced 50% extra ESOPs as a bonus for current workers holding ESOPs within the firm. Additional, ESOPs have been prolonged to all workers on the corporate’s payroll, together with the executive employees who weren’t holding them earlier.
“The decision was taken to recognise their hard work behind the incredible growth achieved by both ShareChat and its recently launched short video platform, Moj,” stated an organization’s press launch saying the event.
The corporate’s quick video sharing app Moj, launched on June 29, has garnered greater than 50 Mn downloads on the Google Play Retailer as Indian alternate options to the banned Chinese language app TikTok seize the market.
“The foundation of our existence has been purely our people, combined with their passion and energy. The additional ESOP is a measure of small appreciation for this commitment and a recognition of our team’s efforts. The new pool will keep us well placed for rewarding our teams in the future as well,” stated ShareChat cofounder and CEO Ankush Sachdeva.
ShareChat provides ESOPs to its certified workers, equally vested over 4 years. In case any worker leaves the organisation, the particular person leaves with the vesting proportion and continues to take pleasure in the good thing about proudly owning it as ESOPs with none outlined timelines.
Amid the monetary disruption attributable to the Covid-19 pandemic, a number of Indian startups resembling OYO, Paytm, ixigo and BharatPe, amongst others, provided ESOPs to their workers. For a few of these firms, ESOPs have been a measure to reward high-performing workers, whereas for others, they have been to reward all the workforce for selecting to proceed working with the corporate, whilst pay cuts and layoffs occurred throughout departments.
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