NEW DELHI: Online learning platform Vedantu on Friday announced an Employee Stock Ownership Plan (ESOP) liquidity programme worth USD 3 million (about Rs 22.4 crore).
Under this programme, the top leadership and eligible active employees who have completed the vesting period will be able to liquidate their vested ESOP shares, according to a statement.
The founders will not participate in the buyback.
"We have seen enormous growth over the last few years, and we take immense pride in the impact we are creating in the lives of our students.
As Vedantu grows, we want our employees to grow with us as well as they are equal contributors towards this growth," Vendatu CEO and co-founder Vamsi Krishna said.
He added that by growing the technology, engineering and product teams across all functions, ESOPs provide employees with high ownership, while providing more opportunities for financial growth.
"We want to enable long-term wealth creation for our employees and recognise their contribution and commitment.
This is the first ESOP programme to facilitate value creation for Vedans and we will continue to take more such initiatives in the future, he said.
Currently, Vedantu has an over 7,000-member team with employees.
In September, Vedantu had announced a USD 100 million series E round, led by Singapore-based impact investing fund ABC World Asia.
The round also saw strong participation from existing investors Coatue, Tiger Global, GGV Capital, Westbridge among others.
With this round of funding, Vedantu's valuation was at USD 1 billion.
Vedantu offers tutoring courses for students aged 3 to 18 years old, as well as preparation for competitive exams like IIT-JEE, NEET, Commerce, CBSE, ICSE, and state exams.
Through its newest offering and fastest-growing vertical, SuperKids, it offers extracurricular classes like English Speaking, Reading, and Coding.
Last year, Vedantu catered to over 2 lakh paying students, a 400 per cent growth over the previous year.
This growth was accompanied by a 4.5x increase in revenue over the previous year.