Mohalla Tech will be the sole buyer in this buyback process. All eligible employees can sell upto 100 per cent of their vested ESOPs at its present stock valuation. Mohalla Tech, the parent company of Indic language social media platform ShareChat, and short video platform Moj, has announced its first ESOP buyback programme worth $19.1 million (approximately Rs 140 crores).
Nearly 200 existing and former employees with vested options are eligible to participate in this process, the firm said.
“Today, ShareChat and Moj are the category leaders in the social media and short video space transforming the lives of millions of users. This exponential growth and success story wouldn’t have been possible without the relentless commitment of our people. With their immense passion and energy, we have seen the biggest growth trajectory in our history in the last few months. This ESOP buyback is our way of giving back to our employees by helping them in their wealth creation journey,” said Ankush Sachdeva, CEO and co-founder, ShareChat.
ShareChat has also revised the existing vesting schedule.
The new vesting policy will allow all the 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 the vested options and continues to enjoy the related benefits. Further, the company has revised its ESOP exercise price from Rs 1551 to Re 1, bringing more benefits to the employees.
Mohalla Tech recently raised over $500 million, taking its valuation to $2.1 billion. With Moj completing its first anniversary, the platform has already achieved market leadership in the Indian short video space with the highest active user base.
Mohalla Tech will be the sole buyer in this buyback process. All eligible employees can sell upto 100 per cent of their vested ESOPs at its present stock valuation.