New Delhi: Digital Payment Platform phonepe Announced the buyback of employee stock options on Friday (esop) Rs 135 crore.
The buyback offer follows a three-tier model based on seniority, a statement said.
The company’s founders will not participate in the buyback, while the top leadership can sell up to 10 percent of their vested stock.
All other existing employees can sell up to 25 percent of their vested stock.
The company currently has over 2,500 employees.
“Last December, we launched a new PhonePe ESOP Planned and issued ESOPs to 100% of our employees across all levels, functions and grades. All these employees will complete one year of their stock vesting next month, so it is a good time to provide some liquidity to everyone,” said Manmeet Sandhu, Head of HR, PhonePe.
Sandhu said that around 75 per cent of PhonePe’s existing employees are eligible to participate in the current buyback offer, and “for most it is the first time in their career that they either have ESOPs or have a chance to terminate them. Is”.
In December last year, PhonePe launched its ESOPs program, under which it allocated ESOPs to all its 2,200 employees, starting at a minimum of Rs 3.5 lakh, totaling Rs 1,500 crore.
PhonePe has over 335 million registered users in the country. Using PhonePe, users can send and receive money, recharge mobile phones, make various types of payments and invest in gold and silver. It forayed into financial services in 2017.
PhonePe is also accepted at over 22 million merchant outlets across India.
The buyback offer follows a three-tier model based on seniority, a statement said.
The company’s founders will not participate in the buyback, while the top leadership can sell up to 10 percent of their vested stock.
All other existing employees can sell up to 25 percent of their vested stock.
The company currently has over 2,500 employees.
“Last December, we launched a new PhonePe ESOP Planned and issued ESOPs to 100% of our employees across all levels, functions and grades. All these employees will complete one year of their stock vesting next month, so it is a good time to provide some liquidity to everyone,” said Manmeet Sandhu, Head of HR, PhonePe.
Sandhu said that around 75 per cent of PhonePe’s existing employees are eligible to participate in the current buyback offer, and “for most it is the first time in their career that they either have ESOPs or have a chance to terminate them. Is”.
In December last year, PhonePe launched its ESOPs program, under which it allocated ESOPs to all its 2,200 employees, starting at a minimum of Rs 3.5 lakh, totaling Rs 1,500 crore.
PhonePe has over 335 million registered users in the country. Using PhonePe, users can send and receive money, recharge mobile phones, make various types of payments and invest in gold and silver. It forayed into financial services in 2017.
PhonePe is also accepted at over 22 million merchant outlets across India.
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