Startup providing hyperlocal services, Urban CompanyThe Urban Company Datalabs_in-article-icon, has declared the sale of INR 203 Cr. worth of employee stock ownership plan (ESOP) shares in its fifth program.
With 446 employees participating, Urban Company claims it to be its most extensive employee stock secondary sale. The company’s past and present employees will be able to cash in their vested stock through the sale.
These shares will be bought by Dharana Capital and Vy Capital, the company’s current investors.
Urban Company has now awarded ESOPs to 1,593 workers and former workers. Of these, 784 workers and former workers have taken part in five secondary ESOP sale programmes, selling ESOPs for a total of INR 306 Cr.
The business released a statement saying, “To date, the company has awarded 11% of its current fully diluted cap table as ESOPs, encompassing vested, unvested, and sold ESOPs.Although ESOPs are given to mid-to senior-level staff members on a broad basis, the distribution of the awards is biased towards key positions and productive team members. In addition to the ESOP grant they receive when they join, our team members receive refresh grants determined by their performance. To establish ESOPs as a reliable asset for wealth creation, we have aggressively pursued secondary sales opportunities for our team members, according to Raghav Chandra, cofounder and CPTO of Urban Company.
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