BharatPe launches ‘ESOP Cheque Cash Karo’ scheme
BharatPe, the merchant payment and lending network company, has launched what it claims is India’s first ‘ESOP…Read MoreNew Delhi, July 28, 2020: BharatPe, the merchant payment and lending network company, has launched what it claims is India’s first ‘ESOP Cheque Cash Karo’ scheme. All ESOP holders have been given option to sell back shares from their first vesting back to BharatPe. BharatPe has 6% (US$ 25M+) of its overall equity allotted to the ESOP pool. All employees are given ESOP Grant along with appointment letter. ESOPs carry ZERO strike price. The vesting is front ended in favour of employees with 25% vesting on year 1 and thereafter 2% every month. The employees are not required to exercise the ESOPs on leaving and can time it with a liquidity event anytime up to 5 years. “In Indian ecosystem, ESOPs have been one of the most abused and misunderstood instruments. Verbal grants, back ended vesting and last-minute changes to even documented ESOP grants have eroded employee faith in ESOPs,” said Ashneer Grover, co-founder & CEO, BharatPe.