By Start Ups
“It reposes the faith in our ESOP programme, which we are keen to strengthen and grow in the times to come,” Urban Company Co-founder and CPTO Raghav Chandra said.
Urban Company on Wednesday said Dutch investment firm Prosus as well as Vy Capital and its offshoot Dharana Capital will buy shares worth Rs 203 crore from the employees of the on-demand home service firm.
Urban Company has announced its fifth Employee Stock Ownership Plan (ESOP) sale, with a total secondary transaction amount of about Rs 203 crore, which will give the company’s current and former employees an opportunity to liquidate their vested stocks.
“Dharana Capital (an offshoot of existing investor Vy Capital), along with existing investors Vy Capital and Prosus will be purchasing these shares from employees and former employees,” the statement said.
Urban Company has granted ESOPs to 1,593 employees and ex-employees. Of these, 784 employees and ex-employees have participated in 5 secondary ESOP sale programmes, liquidating ESOPs worth Rs 306 crore across these 5 programmes.
The company has awarded 11 per cent of its current fully diluted cap table as ESOPs, encompassing vested, unvested, and sold ESOPs.
“We have actively pursued secondary sales opportunities for our team members to establish ESOPs as a credible wealth creation asset. It is exciting to see that about 450 employees and ex-employees had the opportunity to participate in the ongoing ESOP secondary sale programme amounting to Rs 203 crore.
“It reposes the faith in our ESOP programme, which we are keen to strengthen and grow in the times to come,” Urban Company Co-founder and CPTO Raghav Chandra said.
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First Published: May 22 2024 | 11:01 PM IST