Urban Company grants shares worth Rs 5.2 crore to service partners

Urban Company has granted stocks worth Rs 5.2 crore to about 500 partners across India, under its Partner Stock Option Plan (PSOP). 

Under the plan, the company will award stocks worth Rs 150 crore to service partners over the next 5-7 years. Earlier this year, the company had set up an evergreen trust to manage the PSOP programme, to award them at near zero cost to service partners. 

Urban Company has received board approval for the first tranche of Rs 75 crore worth of stocks, to be disbursed over the next few years. Seven partners, who were part of the first cohort of stock recipients in March, received it again for the second time due to their consistently high performance, the company said. 

Abhiraj Bhal, co-founder and CEO said: “Earlier this year, we decided to create a fund of Rs 150 crore to make partners shareholders of Urban Company. Today we are happy to announce our second cohort of about 500 partners, who have been awarded shares. This is just the start and we are hopeful that in the coming years, the numbers will rise in the thousands.”

The platform said it is working towards creating a diverse and inclusive partner ecosystem and increasing women’s representation. To that effect, 30 per cent of the PSOP recipients are female partners from the Beauty & Wellness vertical. Further, Bengaluru had the largest number of partner shareholders at 26 per cent, followed by Delhi NCR (22 per cent), Mumbai and Pune (together account for 16 per cent), and Hyderabad (15 per cent).

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