Home services platform Urban Company will give partner stock ownership plans for its service providers worth Rs 150 crore in the next 5-7 years.
Urban Company co-founder Raghav Chandra that the company’s partner stock ownership plan (PSOP) will help thousands of service partners become shareholders of the company, thereby enabling broad-based wealth creation through equity sharing.
“This is perhaps the first-of-its-kind plan globally, where gig workers become shareholders of the very platform they work with. This will allow our service partners to benefit from the company’s growth in the coming years.
“This PSOP plan underscores our commitment to empower service partners and treat them as equal stakeholders in the company building journey,” Chandra said during the launch of the plan.
The company will set up an evergreen trust to manage the PSOP plan, and award them at a near-zero cost to service partners.
“We already have board approval for the first tranche of Rs 75 crore worth of stocks, to be disbursed over the next 3-4 years,” Chandra said.
The company will set up a fair and meritocratic process to grant these stocks, taking into account both the performance of service partners and their longevity on the platform.
According to the recently released UC Earnings Index, partners who delivered at least 30 orders a month, earned Rs 30,455 per month, with the top quartile of partners earning Rs 38,263 per month.