Stocks

Meesho announces its annual ‘ESOP for all’ MeeSOP program

Our Bureau | | Updated on: Nov 20, 2021
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This was Meesho’s second liquidity programme in less than a year

Meesho, one of India’s fastest-growing internet commerce platforms has introduced an annual "ESOP for all" program called MeeSOP.

Under the program, every full-time employee, irrespective of their tenure in the company or their seniority will be able to convert a maximum of 25 per cent of their annual CTC (Cost to Company) into ESOPs, subject to a minimum of ₹50,000. ESOPs thus granted, would be greater than 100 per cent of the CTC relinquished.

Vidit Aatrey, Founder & CEO, Meesho said, “Our repeated and periodic buybacks ensure our employees continue to grow with us."

"The MeeSOP program takes this commitment further, breaking hierarchies to make every employee an owner, and providing more avenues for wealth creation. As we hire more talent, we will continue to provide our team with the means to realize their personal and financial goals with us,” added Aatrey.

Unlike traditional ESOP plans, the MeeSOP program is completely inclusive, providing every employee, irrespective of their seniority, to benefit from Meesho’s rapid growth while ensuring 100 per cent of the grant is vested by the end of one year, the company further added.

Meesho ESOPs are also one of the most robust in the startup space, with the company offering negligible strike prices, monthly vesting after the first 12 months, and non-cancellation of vested stocks even post-separation.

In October this year, the company had announced an ESOP liquidity program worth $5.5 million for all eligible current and former employees with vested stocks.

This was its second liquidity programme in less than a year. In the same period, the company’s valuation soared over two times to $4.9 billion after a $550 million Series F fundraise.

The company earlier this year had raised a $570 million Series F from Fidelity Management and Research Company, B Capital Group, and other new and existing partners like Prosus Ventures, SoftBank Vision Fund 2 and Facebook, growing its valuation to $4.9 billion.

Published on November 20, 2021

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