Asia’s higher edtech major upGrad announces its maiden ESOP liquidity event worth INR 220 Crore (USD 29.5 Mn). The recent fundraise from Temasek & IFC has triggered a small secondary for the early and long-term team members at the company. Founder Group owns over 70% in the company and has created a large ESOP pool of close to 13% of the enlarged equity base.
“Definition of ‘Best places to work’ for is changing dramatically around the world, and the new benchmark will have companies where you have the maximum learning and growth opportunities. ESOP is still a less understood & appreciated currency that allows team members to take a much longer-term view on their current place of work. Moving jobs for promotions or increments will be less prevalent in the future as the smartest will look for long-term growth in the company, the founders, and the team that can match their ambitions” said Ronnie Screwvala, Chairman and Co-Founder, upGrad.
upGrad’s inclusive ESOP scheme has over 600 of its team members riding the growth story of the company.