Urban Company Announces its 5th and Largest ESOP Secondary Sale Program Valued at INR 203 Cr.
By Urban Company
May 22, 2024
446 current and former employees are participating in the program
Beneficiary employees are between 23 and 56 years old, with 28% of beneficiaries being women
Gurugram, 22nd May 2024 — Urban Company has announced its fifth Employee Stock Ownership Plan (ESOP) sale, with a total secondary transaction amount of about INR 203 crore. This sale will give the company’s current and former employees an opportunity to liquidate their vested stocks. Dharana Capital (An offshoot of existing investor Vy Capital), along with existing investors Vy Capital and Prosus will be purchasing these shares from employees and former employees.
To date, Urban Company has granted ESOPs to 1593 employees and ex-employees. Of these, 784 employees and ex-employees have participated in 5 secondary ESOP sale programs, liquidating ESOPs worth INR 306 Cr. across these 5 programs. To date, the company has awarded 11% of its current fully diluted cap table as ESOPs, encompassing vested, unvested, and sold ESOPs. The details of the five ESOP Secondary Sale Programs executed by Urban Company are given below -
“At Urban Company, we use ESOPs as a wealth creation tool to retain and reward our talent. While ESOPs are awarded in a broad based fashion across mid-to-senior level employees, the quantum is skewed towards critical roles and high performing team members. Apart from the initial ESOP grant at the time of joining, our team members also get refresh grants based on performance. We have actively pursued secondary sales opportunities for our team members, to establish ESOPs as a credible wealth creation asset. It is exciting to see that about 450 employees and ex-employees had the opportunity to participate in the ongoing ESOP secondary sale program amounting to INR 203 Cr. It reposes the faith in our ESOP program, which we are keen to strengthen and grow in the times to come." said Raghav Chandra, Co-founder & CPTO, Urban Company.
Urban Company awards ESOPs at the time of recruitment, during appraisal cycles, and as part of various internal recognition programs. The current ESOP secondary sale program demonstrates the success of our ESOP program in generating wealth for our employees.
About Urban Company
Vision: Home services and solutions like never experience before
Founded in November 2014, Urban Company is Asia’s largest technology marketplace for home services. The company offers services such as beauty and spa at home, cleaning, plumbing, carpentry, appliance repair, painting, and more through its mobile app and website. It operates in 62 cities across India, the UAE, Singapore and The Kingdom of Saudi Arabia. It has a partner network of over 55,000 hand-picked service professionals transforming them into organized and high-quality micro-entrepreneurs. This full-stack approach helps the company live up to its promise of delivering high-quality, delightful services at home.
