PhonePe announces ESOP buyback worth INR 135 Cr for all employees
National, November 19th, 2021: PhonePe, India’s leading digital payments platform today announced a buyback of employee stock options (ESOPs) worth ~INR 135 crore.
The Buyback offer follows a three tier model, based on seniority:
- The company’s founders will not be participating in the buyback.
- The company’s top leadership can sell upto 10% of their vested stock.
- All other current employees can sell upto 25% of their vested stock.
Commenting on the development, Manmeet Sandhu, Head of HR, PhonePe said, “Last December, we had launched a new PhonePe ESOPs plan and issued ESOPs to 100% of our employees across levels, functions and grades. All these employees will complete the one year cliff of their stock vesting next month, so it’s a great time to offer some liquidity to everyone. Almost 75% of our current workforce is eligible to participate in the current buyback offer, and for most it’s the first time in their careers that they’ve either owned ESOPs or had a chance to liquidate them.”
In December last year, PhonePe launched its ESOPs program where it allotted ESOPs to all its 2,200 employees starting at a minimum of INR 3.5 lakhs, cumulatively worth INR 1500 crores.
PhonePe is India’s leading digital payments platform with over 335 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, pay at stores, make utility payments and also buy and invest in gold and silver. PhonePe forayed into financial services in 2017 with the launch of gold providing users with a safe and convenient option to buy 24-karat gold, and recently also launched silver on its platform. PhonePe has since introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, and insurance for the COVID-19 pandemic among others. PhonePe is also accepted at 22+ million merchant outlets across India.
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