Teachmint announces continuous ESOP liquidity plan
Education infrastructure startupon Thursday announced a continuous ESOP liquidity plan (CELP) to reward and recognise the contribution of its team members.
Under the CELP, any member of Teachmint's workforce will be able to liquidate their vested ESOPs (employees stock option plans) against cash at any point in time over the next year, the company said in a statement.
An initiative like CELP will also fuel the company's hiring initiatives and help them groom top-quality talent, it added.
To scale its current user base from 10 million to 100 million and beyond, Teachmint is focused on doubling its team strength in the next six months with a focus on product, technology and design skills.
"We have witnessed unprecedented growth since inception and we believe it's important to acknowledge and reward the contributions of our team in this journey.
"Our team is our biggest moat and CELP is one of the many steps which we have taken to ensure we understand their changing needs and continue empowering them," Teachmint co-founder and CEO Mihir Gupta said.
He added that this initiative will help in ensuring flexible financial planning for everyone in the organisation and support wealth creation opportunities.
This initiative comes at the heels of the company's latest Series-B fundraise of USD 78 million led by Rocketship.vc and Vulcan Capital, with participation from Goodwater Capital, Epiq Capital, Learn Capital, CM Ventures, Lightspeed India and Better Capital, it added.