Google-backed Adda247, a government job preparation platform, has granted stock options under its employee stock ownership plan (ESOP) programme. The total valuation of the ESOP pool is Rs 150 crore as of the date and has an annual vesting period of four years.
Through the programme, it aims to remunerate its employees and further incentivise the efforts by creating wealth.
The company launched its ESOP policy in 2016. Since then, it has rewarded around 10 per cent of its workforce across levels and bands. This year, it has increased its ESOP pool size to include more staff in the programme.
Anil Nagar, founder and CEO of Adda247, commented, “ The entire purpose of ESOP policy is to give priority and importance to our employees. Eventually, we want to generate wealth for all our employees with the dream to create at least a hundred crorepatis from our employees prior to our IPO”.
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Saurabh Bansal, co-founder and COO of Adda247, added, “Our Employees were very excited when we first announced the ESOP policy in 2016 and even when we increased the pool size this year to include more employees. We are committed to building a solid long-term business for our employees as they are our biggest asset.”
In October, the company raised $35 million in a funding round led by West Bridge Capital. Info Edge, Asha Edu Tech, JM Financial and tech giant Google also participated in the investment round. Prior to that, the company bagged an investment of Rs 80 crore from Info Edge.
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The New-Delhi-based edtech platform claims to impact more than 80 million students from tier two and three cities. According to a company statement, the firm has 22 million monthly active users and two million paid users.
