Google-backed Adda247, a government job preparation platform, has granted stock options of valuation worth Rs 150 crore under its Employee Stock Ownership Plan (ESOP) programme to their employees. The annual vesting period of it is four years, as per an official statement.
According to the statement, through this, the company aims to be able to remunerate more of its employees and further incentivise the efforts by creating wealth for the employees as they build Adda247.
“The entire purpose of ESOP policy is to give priority and importance to our employees. Through the policy, we want employees to grow with the organisation and also reap monetary benefits for themselves. Eventually, we want to generate wealth for all our employees with the dream to create at least a hundred crorepatis from our employees prior to our IPO,” Anil Nagar, founder, CEO, Adda247, said.
Currently, Adda247 claims to have 22 million monthly active users, and a total of two million paid users. The company has also raised $35 million from marquee investors such as Google, WestBridge Capital, Infoedge and Asha Impact.
