New Delhi, June 18 (SocialNews.XYZ) Social media platform ShareChat on Friday announced its first ESOP buyback programme worth $19.1 million (nearly Rs 140 crore) and all eligible employees can sell upto 100 per cent of their vested ESOPs at its present stock valuation.
Sharechat recently raised over $500 million, taking its valuation to $2.1 billion.
Mohalla Tech, the parent company of short video app Moj and ShareChat, will be the sole buyer in this buyback process, the company said in a statement.
"Today, ShareChat and Moj are the category leaders in the social media and short video space transforming the lives of millions of users. This ESOP buyback is our way of giving back to our employees by helping them in their wealth creation journey," said Ankush Sachdeva, CEO and cofounder, ShareChat.
Nearly 200 existing and former employees with vested options are eligible to participate in this process.
ShareChat said it has also revised the existing vesting schedule.
The new vesting policy will allow all the qualified employees to vest 25 per cent of ESOPs in the first year, followed by 8.25 per cent every quarter.
In case any employee leaves the organisation, the person gets to keep all the vested options and continues to enjoy the related benefits.
ShareChat currently has over 160 million monthly active users while with the highest active user base, Moj is today the market leader in the Indian short video space.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz