Ola expands ESOP pool to Rs 3,000 Cr, rewards employees with Rs 400 Cr of stocks

The allocation rewards Ola’s high-impact employees and is aimed at long-term wealth creation for them.
6 CLAPS
0

Ola, the mobility giant, has announced the expansion of its employee stock options (ESOP) pool to Rs 3,000 crore. The company stated it is also allocating an additional Rs 400 crore worth of stocks to its employees in the run-up to its IPO.

"This is aimed at long term, meaningful wealth creation," said the statement.

Bhavish Aggarwal, Ola’s Co-founder and CEO said,

“At Ola, we’re focused on creating the industries of tomorrow with the ambition to build globally competitive, high impact businesses at global scale. Our expanded ESOP programme, along with the fresh stock allocation of Rs 400 crore, enables our key talent to participate in the long-term wealth creation opportunities generated by their innovations and the impact they create. It will also reinforce their sense of ownership and align their growth with that of the company as we continue to accelerate the world’s transition to sustainable mobility."

Bhavish at the Ola Electric Factory

Earlier this month Ola Electricand Bank of Baroda signed a 10-year $100 million debt towards the funding and financial closure of Phase I of the Ola Futurefactory, Ola's global manufacturing hub for its electric two-wheelers, according to a press statement from Ola. This is one of the largest long-term debt financing agreements in the Indian electric vehicle industry.

According to the statement, the Futurefactory is at near completion, with the production trials of the much-awaited Ola Scooter expected to commence soon. The soon-to-be-launched Ola Scooter will be manufactured at the Ola Futurefactory, which will also serve as Ola's global EV hub for its range of scooters and other two-wheelers.

Edited by Kanishk Singh

Latest

Updates from around the world