Urban Company Allocates Rs 5.2 Crore ESOPs For 500 Gig Workers Like Beauticians, Plumbers & More
Under the Partner Stock Option Plan (PSOP), Urban Company said that it granted stock options worth Rs 5.2 crore to around 500 partners across India.
5.2 Crore Stock Options Across 500 Diverse-Inclusive Partners
The company, in its statement said that currently it is working towards creating a diverse and inclusive partner ecosystem as well as increasing the representation of women in the firm.
Substantiating the women representation is the fact that the 30% of the PSOP recipients are female partners from the beauty and wellness vertical.
When it comes to the geographic, Bengaluru had the most number of partner shareholders at 26%, followed by Delhi NCR (22%), Mumbai and Pune (together accounting for 16%) and Hyderabad (15%).
The company had announced that it has plans to grant stock options worth Rs 150 crore to thousands of service partners over the next 5-7 years at near zero cost. It set up an evergreen trust to manage the PSOP program.
For the first tranche of Rs 75 crore worth of stocks to be disbursed over the next few years, board approval was taken by the company. Due to their consistently high performance, 7 partners, who were part of the first cohort of stock recipients in March, received it again for the second time.
Abhiraj Bhal, Co-founder and Chief Executive Officer (CEO) Urban Company said that “This is just the start and we are hopeful that in the coming years, the numbers will rise to thousands”.
As per the recently released H1 2022 UC Earnings Index, the top 20% of UC partners earned an average of about Rs 38,000 per month, net of commissions, fees, and other costs.
More About Urban Company
Formerly known as Urban Clap, Urban Company is an Indian gig marketplace that offers home repairs and maintenance services, and home beauty and wellness services.
Founded in 2014, by Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra, it was valued at USD 2.8 billion after its employee stock sale programme concluded in December 2021.
As of 2021, the company operates in 30+ Indian cities and in the UAE, Singapore, Australia and Saudi Arabia.