Bengaluru (Karnataka) [India], June 18 (ANI): Mohalla Tech, the parent company behind short video app Moj and regional social media platform ShareChat, on Friday announced its first employee stock option (ESOP) buyback programme worth Rs 140 crore.
This comes after the company recently raised over Rs 3,650 crore, taking its valuation to Rs 15,300 crore.
With Moj completing its first anniversary, the platform said it has achieved market leadership in Indian short video space with the highest active user base.
Nearly 200 existing and former employees with vested options are eligible to participate in this process.
Ankush Sachdeva, CEO and Co-Founder of ShareChat, the platforms are category leaders the social media and short video space transforming lives of millions of users.
"This exponential growth and success story would not have been possible without the relentless commitment of our people. This ESOP buyback is our way of giving back to our employees by helping them in their wealth creation journey."
ShareChat has also revised the existing vesting schedule. The new vesting policy will allow all qualified employees to vest 25 per cent of ESOPs in the first year followed by 8.25 per cent every quarter.
In case any employee leaves the organisation, the person gets to keep all vested options and continues to enjoy related benefits.
Further, the company has revised its ESOP exercise price from Rs 1,551 to Re 1, bringing more benefits to employees. All eligible employees can sell upto 100 per cent of their vested ESOPs at its present stock valuation. (ANI)