Google-backed Adda247 grants Rs 150 crore ESOPs
BENGALURU: Government job preparation app Adda247, which is backed by Google, has granted stock options under its Employee Stock Ownership Plan (ESOP) programme to its employees. The total valuation is nearly Rs 150 crore and has an annual vesting period of four years.
Saurabh Bansal, co-founder and COO, Adda247, said they first announced the ESOP policy in 2016. The company rewarded nearly 10% of its workforce across levels and bands. Anil Nagar, founder and CEO, Adda247, said, “The entire purpose of ESOP policy is to give priority and importance to our employees.
Through the policy, we want employees to grow with the organisation and reap monetary benefits for themselves. Eventually, we want to generate wealth for all our employees with the dream to create at least a hundred crorepatis from our employees prior to our IPO.” This year alone, many start-ups announced ESOP buyback including Shipsy, Innoviti Technologies and Niyo, among others.