Home services marketplace has announced its fifth Employee Stock Ownership Plan (ESOP) sale programme, with a total secondary transaction amount of about Rs 203 crore.
The sale will allow the company’s current and former employees to liquidate their vested stocks, according to a press release. Dharana Capital (an offshoot of existing investor Vy Capital), along with existing investors Vy Capital and Prosus, will be purchasing these shares from employees and former employees.
“Apart from the initial ESOP grant at the time of joining, our team members also get refresh grants based on performance,” said Raghav Chandra, Co-founder and CPTO, Urban Company.
Previously known as Urban Clap, the Delhi-based startup offers services such as beauty and spa at home, cleaning, plumbing, carpentry, appliance repair, painting, and more through its mobile app and website.
Founded in 2014 by Abhiraj Bhal, Chandra, and Varun Khaitan, Urban Company operates in 62 cities across India, the UAE, Singapore, and Saudi Arabia.
Urban Company awards ESOPs at the time of recruitment, during appraisal cycles, and as part of various internal recognition programmes, the company stated in its release.
To date, the startup has granted ESOPs to 1,593 employees and ex-employees. Of these, 784 employees and ex-employees have participated in five secondary ESOP sale programmes, liquidating ESOPs worth Rs 306 crores across these five programmes.
Over the past year, Urban Company has been involved in protests by its gig workers, and partners, over concerns surrounding changing policies, suspension of ID cards and a costly appeal system.
Edited by Affirunisa Kankudti
