Urban Company grants 500 gig workers stock options worth Rs. 5.2 crore
- ByStartupStory | November 29, 2022
The online market for home services On Monday, Urban Company said that 497 service partners had received shares worth Rs 5.2 crore through the Partner Stock Option Plan (PSOP) scheme.
About 30% of the winners were female service partners from the verticals of beauty and wellness. According to a statement from the company, Bengaluru had the highest percentage of partner shareholders with 26%, followed by Delhi-NCR with 22%.
The company announced the PSOP programme for its service partners in March, where it will award stocks worth Rs 150 crore to thousands of service partners over the course of the next 5-7 years at almost no cost. According to Abhiraj Bhal, co-founder and CEO of Urban Company, “This is just the beginning and we are confident that the numbers will climb to thousands in the following years.”
The first tranche of shares, worth Rs 75 crore and to be distributed over the following few years, has already received board approval from the company. Due to their constantly excellent performance, seven partners who were a part of the initial batch of stock recipients in March won it again for a second time, the statement stated.
According to Urban Company, it has established a fair procedure for distributing these shares, and the entire procedure is governed by rules and is transparent, with full guidance from an advisory panel. The top 20% of UC partners made an average of almost Rs 38,000 per month, according to the recently released “H1 2022 UC Earnings Index.”
All Urban Company partners have access to up to 12 complimentary medical consultations annually as well as health insurance coverage of Rs 1 lakh. Nearly 5,000 service partners who consistently deliver the best results also have family health insurance coverage worth Rs. 2 lakh.
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