BharatPe, has launched India’s first ‘ESOP Cheque Cash Karo’ scheme. As per the new scheme, all ESOP holders have been given option to sell back shares from their 1st vesting back to BharatPe.
Ashneer Grover, Co-Founder & CEO, BharatPe, said: “In Indian ecosystem, ESOPs have been one of the most abused and misunderstood instruments. Verbal grants, back ended vesting and last-minute changes to even documented ESOP grants have eroded employee faith in ESOPs.”
”BharatPe is pioneering welcome change in ESOPs. BharatPe ESOP grant is like a cheque in the hands of employees. We are encouraging our employees to bank their first ESOP cheque and enjoy the value they’ve created as cash in bank. BharatPe ESOP is not a mere promise – it is an appreciating currency. 1US$ = Rs.70; 1 BharatPe ESOP = Rs.7,00,000” Ashneer added.
Geetanshu Singla, Head of Engineering, BharatPe, said: “Really happy that the company has announced buyback of the ESOPs during the pandemic to support current and even ex-employees. It’s like a post-dated cheque. This is the first and last time I’m exercising my stock options and will hold on to them, they will be the most valuable asset that I hold”