Intra-city logistics company Porter undertakes ESOP liquidation worth $5M
On-demand logistics companyhas recently announced its maiden Employee Stock Ownership Plan (ESOP) monetisation programme worth $5 million for its eligible current and former employees.
The liquidation opportunity is expected to benefit both the current and former employees, providing wealth creation opportunities, the release stated.
All the employees who have vested options as of December 31, 2021 will be eligible to participate in this programme and sell a portion of their vested shares immediately. Eligible employees may liquidate their vested units up to a total of $5 million. The company is planning to undertake equitable distribution of benefits, with the number of options to be prorated so that every eligible employee is benefitted from the scheme.
Speaking on the liquidation programme, Pranav Goel, CEO, Porter said,
“Porter’s success and the journey would not have been possible without the relentless support and dedication of our teams. With this programme, we wish to take this opportunity to thank and reward the teams for their trust and contribution. We, at Porter, believe that our efforts have a disruptive impact in the logistics industry and recognise, cater, and solve the gaps in the demand and supply chain. Moreover, Porter is not just a business opportunity, but a medium to positively impact everyone who joins us in this journey. The programme will provide our ex and current employees with an opportunity for wealth creation.”
Porter claims to be a one-of-a-kind logistics model that is 100 percent asset-light and has a negative working capital cycle, as per the founders.
The startup, which was started with two vehicles in August 2014, is now present in over 13 cities across India, with more than 50 lakh customers and over two lakh owner-drivers on board.
Edited by Kanishk Singh