BharatPe, India's payments platform, has introduced a new ‘ESOP Cheque Cash Karo’ scheme. The initiative is India's first to provides people with a chance to sell their ESOP (employee stock ownership plan) with ease. Read on to know more about it.
BharatPe's ESOP Cheque Cash Karo scheme
The initiative provides ESOP holders to sell back their shares owned in a company to BharatPe. It is suggested that BharatPe has 6% of its total equity allotted to ESOP schemes. The employees are given ESOP Grant along with the offer letter.
Mr Ashneer Grover, Co-Founder & CEO, BharatPe, said: "In Indian ecosystem, ESOPs have been one of the most abused and misunderstood instruments. Verbal grants, back-ended vesting and last-minute changes to even documented ESOP grants have eroded employee faith in ESOPs. BharatPe is a pioneering welcome change in ESOPs. BharatPe ESOP grant is like a cheque in the hands of employees. We are encouraging our employees to bank their first ESOP cheque and enjoy the value they’ve created as cash in the bank. BharatPe ESOP is not a mere promise – it is an appreciating currency. 1US$ = Rs.70; 1 BharatPe ESOP = Rs.7,00,000."
In addition to this, the employees are not required to exercise their ESOPs upon leaving a company and can liquidity up front and will be able to take advantage of ESOP as valuable and liquid currency.
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