Urban Co’s stock option for partners
NEW DELHI: Home services platform Urban Company will provide stocks worth Rs 150 crore to its service partners and gig workers over the next five to seven years under the Partner Stock Ownership Plan (PSOP). Urban Company said it will set up a trust to manage the PSOP plan, and has already got board approval for the first tranche of Rs 75 crore, which will be disbursed over the next 3-4 years.
Raghav Chandra, Co-founder, Urban Company said, “Urban Company’s PSOP will help thousands of service partners become shareholders of the company, thereby enabling broad-based wealth creation through equity sharing.”Under this plan, gig workers will become shareholders of the very platform they work with.
Abhinav Chaturvedi, Partner with Accel, and an investor and board member of Urban Company said, “The PSOP plan is a step forward for partners to financially benefit from the value created on the Urban Company platform.” As per the UC Earnings Index, partners who delivered at least 30 orders a month, earned Rs 30,455 per month, with the top quartile of partners earning Rs 38,263 per month. The company said it has invested over Rs 100 crore since 2014 in training and skilling of its partners.