Logistics

Porter announces ESOP liquidation worth $5 million

BL Bengaluru Bureau | | Updated on: Jan 19, 2022
BL28_CASH

BL28_CASH | Photo Credit: Nisha Dutta

January 19, 2022 Porter, an on-demand intra-city logistics company, has announced an Employee Stock Ownership Plan (ESOP) monetisation programme worth $5 million for eligible current and former employees.

In order to ensure the equitable distribution of benefits, the number of options will be prorated so that every employee benefits from the scheme, and all of them can liquidate their vested units up to a total of $5 million.

“Porter’s success and the journey would not have been possible without the support and dedication of our teams. With this programme, we wish to take the opportunity to thank and reward the teams for their trust and contribution. We at Porter believe that our efforts have a disruptive impact in the logistics industry and recognise, cater and solve the gaps in the demand and supply chain. Moreover, Porter is not just a business opportunity, but a medium to positively impact everyone who joins us in this journey. The programme will provide our ex and current employees an opportunity for wealth creation,” said Pranav Goel, CEO, Porter.

“By enabling an ESOP liquidation programme, current and ex-employees can decide on their investments and cash flows with greater freedom,” said Rizwan Khan, VP, Human Resources, Porter.

Currently, Porter has 3 lakh owner-drivers working with the company and has serviced over 70 lakh customers across 15 cities in India. Currently, the company is entering new geographies to ensure they meet the growing demand, while developing a tech-enabled logistics ecosystem.

Published on January 19, 2022
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