Home Service Marketplace Urban Company allots ESOP worth INR 42 crore to employees
- ByTejika Bajaj | December 6, 2021
The home service marketplace Urban Company has recently initiated a fresh issue of equity shares to its employees under the Employee Stock Option Plan (ESOP) scheme. The startup has allotted 1,543 shares to 81 employees including a mix bag of former and current top level executives of the company.
As per regulatory filings the exercise price of each share is Re 1, thus making the entire allotment worth Rs. 420-460 crores. This announcement comes 6 months after the service marketplace raised $255 million at a valuation of $2.1 billion.
The highest numbers of shares were allotted to the former Vice-President of Product Management at Urban Company, Sripad Panyam. He received equity shares worth Rs. 6 crores, making him the biggest beneficiary of the latest ESOP allotment. Panyam left Urban Company in May last year and currently he is the co-founder of Tapa Technologies Pvt Ltd.
Following the same, Anubhav Singh (founding member) and N Pugazhenthy (former Regional General Manager) are the second largest beneficiaries each of whom are receiving equity shares worth Rs. 2.15 crore. Other notable benefactors on the list are Kanav Arora, SVP engineering and Dheeraj Sidana, VP of engineering at Urban Company.
Till date Urban Company has initiated three ESOP programs in 2017, 2018 and 2020 respectively. Earlier this year, the Gurugram based company had created additional equity shares under its equity pool. The Abhiraj Singh Bhal-led company had also announced an open-source ESOP framework in collaboration with MyStartupEquity, a cap table and ESOP management product by LetsVenture.
Follow Startup Story
Related Posts
