Bengaluru: PhonePe employees got rs 3 Lakh shares. Employee Stock Ownership Plans also known as ESOP is a plan where the employees of a certain company holds the ownership of the company shares as well. Having 3 lakh Rs of Shares made this one of the largest Employee Stock Ownership Plan by a startup.
PhonePe a EWallet app company based in India issued shares worth over $200 Million which is ₹1,500 crores to all its 2,200 staffs across all levels including freshers.
Typically ESOPs are done by granting shares to employees based on seniority. It is not normal or usual to see granting of this much amount of shares to all the employees of a company. This is what makes it the largest ESOP.
Last December Flipkart separated PhonePe as a separate entity at a valuation of $5.5 Billion soon after that PhonePe announces their ESOP which shook the world.
Sameer Nigam the co-founder and the CEO of PhonePe twitted that he feels proud of their decision and to report that all their staffs are going to have ₹3 lakhs of shares of their company. At the end of the twit he mentions PhonePe’s new tagline “KarteJaBadhteJa”
He also states that Rahul Chari and him both the founders feel extremely happy and proud of their decision of issuing this ESOP to their employees
By Saumen Paul