Porter, a tech-based on-demand logistics company, has announced the liquidation of ₹50 crore in ESOPs (Employee Stock Ownership Plans) for its current and former employees.
The liquidation is aimed to encourage its talent for their valuable contributions by providing them with wealth creation opportunity, said the company in a press release.
As a part of this program, all the employees with eligible options are qualified to avail of this plan or program. The employees (current and former) will be able to sell the eligible options immediately at a 50 per cent higher value than the last liquidation valuation, up to a total value of ₹50 crore.
“This round of ESOP is yet another testimony of Porter’s gratitude and appreciation for the significant endeavours by our current and former employees in building the company. We aim to incentivise our employees keeping in mind their growth and well-being, including financial growth,” said Pankaj Shroff, CFO, Porter.
The company announced its first ESOPs liquidation worth ₹40 crore ($5 million) in 2021. “By enabling an ESOP liquidation for the second consecutive year, we wish to provide a unique opportunity for our current and ex-employees to decide on their investments and cash flows at a much faster rate. This ESOPs scheme is one of the ways to reward our employees and ensure that their contributions are valued substantially,” said Rizwan Khan, VP, Human Resources, Porter.
Founded in 2014, Porter is a logistics company providing intra-city and inter-city services. With a workforce of 2,600 employees, it claims to have served over 1 crore customers across 18 cities in India.