PhonePe has announced a Rs 135 crore ESOP repurchase for its employees. PhonePe, a digital payments company, announced a Rs 135 crore repurchase of employee stock options (ESOPs) on Friday. According to a release, the repurchase offer follows a three-tier scheme depending on seniority. The Bengaluru-headquartered fintech firm said that the company’s founders-Sameer Nigam and Rahul Chari and Burzin Engineer will not participate in the buyback. But senior executives will be able to sell up to 10% of their vested shares, according to the statement. All other current workers have the option of selling up to 25% of their vested shares. Currently, the firm employs around 2,500 people.
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“We introduced a new PhonePe ESOPs plan in December and awarded ESOPs to 100% of our workers across all levels, responsibilities, and grades. All of these workers’ stock vesting will reach the one-year cliff next month, so this is a fantastic opportunity to give some liquidity to everyone “Manmeet Sandhu, the head of HR at PhonePe, said. “For most, it’s the first time in their lives that they’ve either had ESOPs or had an opportunity to liquidate them,” Sandhu said, adding that over 75% of PhonePe’s existing employees are eligible to participate in the current repurchase offer.
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PhonePe began its ESOPs program in December last year, under which it offered ESOPs to all of its 2,200 workers, beginning at a minimum of Rs 3.5 lakhs and totaling Rs 1,500 crore. In the nation, PhonePe has over 335 million registered members. Users may send and receive money, recharge mobile phones, make numerous types of payments, and invest in gold and silver with PhonePe. In 2017, it entered the financial services industry. In India, PhonePe is accepted at approximately 22 million merchant locations.
