Udaan reports ESOP buyout program for Rs175 crore

Business-to-business online business firm Udaan has declared a representative stock possession plan (ESOP) liquidity program worth Rs165-175 crore for its workers, said an individual acquainted with the matter.

In an interior correspondence to workers on Thursday morning, prime supporters Amod Malviya, Sujeet Kumar and Vaibhav Gupta said as the organization turns five, driving financial backers have shown interest in taking part in its authoritative excursion ahead through an auxiliary stock buyout program.

We need to accept this open door to compensate our representatives who have worked tirelessly in the course of the last numerous months and years with a significant abundance creation opportunity through an ESOP liquidity program 2021, the prime supporters said.

All representatives, who are not serving notice period and who have vested stock as on 31 March 2021, will be qualified to take part in the program.

Throughout the long term, our representatives have worked determinedly to change the manner in which exchange is done in the country and enabling organizations of Bharat. We need to accept this open door to remunerate our representatives for their constant exertion and critical commitment with a significant abundance creation opportunity through an ESOP liquidity program. We might want to say thanks to them for their flexibility and devotion to their positions in these remarkable occasions, said a Udaan representative.

The Bengaluru-based startup prior this year raised $280 million from new financial backers Moonstone Capital Partners and Octahedron Capital, other than existing financial backers Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital and Tencent Holdings, the organization said on Wednesday. The subsidizing round esteemed it at a shade more than $3 billion.

A few new companies, including Unacademy, Zerodha, CarDekho, BharatPe, Meesho, and Swiggy reported ESOP buybacks in 2020, which expected more importance in a year where numerous Indian new businesses saw a monetary smash in the midst of the Coronavirus pandemic.