Classplus completes ESOP buyback worth $1 million

Classplus completes ESOP buyback worth $1 million


Bengaluru: Classplus, a mobile platform for coaching institutes, educators and content creators to launch their teaching apps, has completed its first buyback of shares issued to staff under its employee stock ownership plan (ESOP).

All employees who have completed the vesting period under the ESOP programme were allowed to liquidate up to 100% of their holding by selling the shares back to the company, Classplus said in a statement on Tuesday. More than 30 employees participated in the buyback programme with an ESOP realisation pool of $1 million, it said.

The company will utilise the repurchased shares to pay referral bonus to employees. “This is the first time a startup is offering stock options, or as Classplus terms ‘ReSOPs’, as referral bonus to its employees who refer candidates that successfully get hired,” the statement read

Classplus had in June raised $65 million in a Series C funding round led by Tiger Global. GSV Ventures, along with existing investors Alpha Wave Incubation, Blume Ventures and RTP Global, had participated in the round. Investors in the startup include Sequoia Capital’s Surge and Times Internet, which were among its early backers. Times Internet is part of Bennett, Coleman & Co. Ltd, which publishes The Economic Times.

Another edtech major, Unacademy,
had recently offered ESOPs to educators on its platform.

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