Edtech startup Vedantu launched its first ESOP plan
Vedantu became a unicorn startup in September 2021
Edtech startup Vedantu has launched its first-ever employee stock ownership plan (ESOP) liquidity plan worth Rs 20 crore for its employees as part of the startup’s ESOP linked bonus pay-out scheme.
According to an email sent by Vedantu’s CEO Vamsi Krishna on Friday, the company will conduct more similar rounds in the future while widening the scope of coverage to include more of its employees.
PhonePe announced a Rs 135 crore ESOP liquidity programme for its top leadership and other employees earlier this month. Meesho, a social commerce startup, also recently announced an ESOP liquidity scheme worth Rs 41 crore ($5.5 million). Indeed, in the first half of 2021, a dozen companies announced ESOP buyback plans totaling more than $100 million.
Vedantu became a unicorn in September of this year after a $100 million funding round led by Singapore-based ABC World Asia and attended by Coatue, Tiger Global, GGV Capital, Westbridge, and others. Vedantu’s core offering includes online classes for grades 6 through 12, as well as materials for grades 1 through 12 and JEE. In May 2020, the company will enter the kids coding space (ages 6 to 12).
While the current shareholding structure of Vedantu is unknown, after the Series D round, Accel was the largest stakeholder in the company, followed by Omidyar and Tiger.