PhonePe ESOPs buyback offer has a three-tier model, based on seniority. The top leadership, barring the founders, can sell up to 10% of their vested stock
Digital payment app, PhonePe on Friday announced a buyback of employee stock options (ESOPs) worth ₹135 crore this year in which the company’s founder will not participate. PhonePe ESOPs buyback offer has a three-tier model, based on seniority. The top leadership, barring the founders, can sell up to 10% of their vested stock. While the other employees can sell up to 25% of their vested stock. Phonepe has over 2,500 employees.
Last year, PhonePe had launched this plan and issued ESOPs to 100% of our employees across levels, functions and grades. The company had allotted ESOPs to all its 2,200 employees starting at a minimum of ₹3.5 lakhs, cumulatively worth ₹1,500 crore.
“All these employees will complete the one year cliff of their stock vesting next month, so it’s a great time to offer some liquidity to everyone,” PhonePe Head of HR Manmeet Sandhu said.
According to Sandhu, 75% of PhonePe’s current workforce is eligible to participate in the current buyback offer.
PhonePe has over 335 million registered users in the country. PhonePe allows users to send and receive money, recharge mobile phones, make various kinds of payments, and invest in gold and silver. It had forayed into financial services in 2017.
