Trending

Stories

ShareChat Announces its 1st ESOP BuyBack Worth Rs 140 cr

Must Read

Social media platform ShareChat on Friday announced its first ESOP buyback program worth $19.1 million (nearly Rs 140 crore). All eligible employees can sell up to 100 percent of their vested ESOPs at their present stock valuation.

Sharechat recently raised over $500 million, taking its valuation to $2.1 billion.

Also Read

Mohalla Tech, the parent company of short video app Moj and ShareChat, will be the sole buyer in this buyback process, the company said in a statement.

Today, ShareChat and Moj are the category leaders in the social media and short video space transforming the lives of millions of users. This ESOP buyback is our way of giving back to our employees by helping them in their wealth creation journey, – Ankush Sachdeva, CEO, and cofounder, ShareChat.

Nearly 200 existing and former employees with vested options are eligible to participate in this process.

ShareChat said it has also revised the existing vesting schedule.

The new vesting policy will allow all qualified employees to vest 25 percent of ESOPs in the first year, followed by 8.25 per cent every quarter.

In case any employee leaves the organisation, the person gets to keep all the vested options and continues to enjoy the related benefits.

ShareChat currently has over 160 million monthly active users while with the highest active user base, Moj is today the market leader in the Indian short video space.

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Related

- Advertisement -
- Advertisement -
Google Pay Enables Aadhaar-Based UPI Authentication iOS 17: Improved Autocorrect with Personalized On-Device ML OnePlus Nord N30 5G goes official in the U.S. Apple Introduces Vision Pro VR Headset for Augmented and Virtual Reality Microsoft to Pay $20M Fine for Violating Children’s Privacy with Xbox Nothing Phone (2) Confirmed for India Production Fitbit Integration with Google Accounts Begins Xiaomi 13 Ultra Global Launch: Offers, Price, Specs Meta Unveils Quest 3 VR Headset, Reduces Price for Quest 2 Foxconn to Manufacture iPhones in Karnataka, India: Creating 50,000 Jobs
Google Pay Enables Aadhaar-Based UPI Authentication iOS 17: Improved Autocorrect with Personalized On-Device ML OnePlus Nord N30 5G goes official in the U.S. Apple Introduces Vision Pro VR Headset for Augmented and Virtual Reality Microsoft to Pay $20M Fine for Violating Children’s Privacy with Xbox Nothing Phone (2) Confirmed for India Production Fitbit Integration with Google Accounts Begins Xiaomi 13 Ultra Global Launch: Offers, Price, Specs