Google-backed Adda247, a government job preparation app, has granted stock options under its Employee Stock Ownership Plan (ESOP) program to its employees. The total valuation of the ESOP pool is worth ₹150 crore as of the date and has an annual vesting period of four years.
The company first launched its ESOP policy in 2016 and has since then rewarded around 10 per cent of its workforce across levels and bands. It further increased its ESOP pool size in 2022 to include more employees in the program.
Through this, the company will be able to remunerate more of its employees and further incentivise the efforts by creating wealth for the employees as they build Adda247, it said.
Employee-first DNA
Anil Nagar, Founder & CEO, Adda247, said, “We have built Adda247 with an employee-first DNA. The entire purpose of ESOP policy is also to give priority and importance to our employees. Through the policy, we want employees to grow with the organisation and also reap monetary benefits for themselves.”
Eventually, we want to generate wealth for all our employees with the dream to create at least a hundred crorepatis from our employees prior to our IPO, he added.
Empower youth
Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 aims to empower every Indian youth by providing them with career guidance and education. It caters to approximately 80-100 million government job aspirants across India.
Adda247 said it currently has 22 million monthly active users, and a total of 2 million paid users. Recently,it raised $35 million from investors like Google, WestBridge Capital, Infoedge, and Asha Impact.