After CarDekho this year, Unacademy to buy back 30 pc of employees’ vested ESOPs
Unacademy’s Co-founder and CEO Gaurav Munjal said the team members can sell up to 30 percent of their vested stocks.Sujata Sangwan
After autotech company CarDekho’s ESOP repurchase plan in April 2019, now Unacademy’s Co-founder and CEO Gaurav Munjal has said over a Twitter post that the company will be buying back shares from the employees whose stocks are vested.
Munjal said that team members can sell up to 30 percent of their vested stocks.
The announcement comes just a few days after the Bengaluru-based edtech startup raised $50 million in Series D funding round from Steadview Capital, Sequoia India, Nexus Venture Partners, and Blume Ventures.
The funding round in June also saw participation from other startup founders - Aakrit Vaish (Co-Founder & CEO, Haptik) and Sujeet Kumar (Co-Founder & CEO, Udaan), according to a release. Besides, Gaurav Munjal and Roman Saini, the founders of Unacademy, also participated in the round.
Unacademy last raised its Series C round of $21 million in July 2018. The total funds raised by the company has touched $88.6 million.
Munjal also expressed his gratitude towards team members who have been with the company in its ups and downs since a long time, and said that nothing is better than rewarding such team members.
Recently, Girnarsoft Group’s CarDekho also announced its plan to buy back shares worth Rs 17.5 crore from existing and former employees who had served four years in the company, and are holding vested stocks. The Jaipur-based company said these employees will be able to encash 50 percent of the vested stocks under the plan.
Similarly, in May 2019, Walmart-owned ecommerce major Flipkart too issued employee stock ownership plan (ESOPs) worth around $100 million for its senior and mid-level staff, which also includes employees belonging to Myntra-Jabong, to retain the critical talent within the company.
The other Indian startups who rewarded their employees with huge amount after encashing their stock options are Rivigo, Droom, Razorpay, and UrbanClap.
(Edited by Megha Reddy)