Edtech startup Vedantu has initiated its first ESOP liquidity plan worth Rs 20 crore for its representatives under the startups ESOP linked reward pay-out plot, according to an internal organization email.
The organization will accomplish more comparable rounds later on while expanding the extent of inclusion to a greater amount of its workers, according to the email sent by Vedantus CEO Vamsi Krishna on Friday, a duplicate of which Entrackr has seen.
We have contacted Vedantu for additional subtleties and will update the story when they react.
Recently, fintech firm PhonePe had declared a Rs 135 crore ESOP liquidity program for its top leadership and different workers. Social trade startup Meesho additionally as of late reported a Rs 41 crore [$5.5 million] ESOP liquidity conspire.
Indeed, in the first 50% of 2021 itself, around twelve organizations reported their ESOP buyback plans worth more than $100 million, according to Fintrackrs computations.
Vedantu had turned unicorn in September this year following a $100 million financing round drove by Singapore based ABC World Asia and partook by Coatue, Tiger Global, GGV Capital, Westbridge and others.
Vedantus center offering covers online classes from grade 6 to 12 alongside materials from grade 1 to 12 and JEE. The organization wandered into kids coding space (age section 6-12) in May 2020.
Vedantu is yet to record its yearly financial report for FY21. Be that as it may, its misfortunes in FY20 had enlarged to Rs 158.5 crore, against Rs 27 crore in FY19. According to Fintrackr, its complete incomes for the monetary ending March 2020 remained at Rs 35.8 crore against Rs 12.4 crore in FY19.
While the current shareholding construction of Vedantu is obscure, Accel was the greatest partner in the organization followed by Omidyar and Tiger after the culmination of the Series D round. According to Fintrackr, Chinese schooling major TAL Learning was additionally a critical partner in Vedantu. Significantly, the three prime supporters aggregate holding remained at 7.62% altogether around then.
