Mohalla Tech, the parent organization behind India’s undeniable market spearhead in short movie app Moj and Indic language social media podium ShareChat, has professed its first ESOP buyback program valued $19.1 million (approx. Rs. 140 crores).
ShareChat is an Indian social media and social interacting service, based in Bangalore, India. It was established by Mohalla Tech Pvt Ltd. and initiated by Ankush Sachdeva, Farid Ahsan Bhanu and Pratap Singh. It was incorporated on 8 January 2015. ShareChat has over 180 million active monthly users around 15 Indic languages. The company’s app proposal features that comprise private messaging, a personal messaging feature and tagging, allowing users to share videos, songs, jokes and other linguistic based social content with other indefinite users.
When the Indian government expelled TikTok in June 2020 due to opposition with China, ShareChat tossed the similar app Moj, and the firm grew considerably. This comes after the concern newly raised over $500 million, taking its appraisal to $2.1 billion. With Moj finishing its first anniversary, the podium has now accomplished market headship in the Indian short video area with the peak active user base. Almost 200 existing and former employees with entrusted options are entitled to participate in this process.
Ankush Sachdeva, CEO and founding member of ShareChat, said that, Now ShareChat and Moj are the segment best in the short video flied and social media converting the moments (life) of millions. This drastic growth and winning tale wouldn’t have been possible without the persistent commitment of their people. With their enormous thirst and liveliness, they have seen the prime progress trajectory in the last couple of months. This ESOP buyback is our way of returning to employees by serving them in their capital creation voyage. They are currently seeing a thrilling development ride and succeeding a pushy plan. Consequently, they have united ESOP policy accordingly to prize employees who will be influential in flagging the way for the next close of growth, Sachdeva added.
ShareChat has also reviewed the current vesting plan. The new-fangled vesting policy will enable all the skilled employees to vest 25% of ESOPs in the initial year, trailed by 8.25% every quarter. If any employee leaves the firm, the person gets to retain all the entrusted options and endures to enjoy the associated benefits. Additionally, the firm has reviewed its ESOP exercise price from Rs. 1551 to Re.1, fetching more profits to the employees. Mohalla Tech will be the only buyer in this buyback procedure. All entitled employees can sell upto 100% of their entrusted ESOPs at its current stock estimate.
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