Unacademy, a Bengaluru-based education technology establishment, announced its third and largest ESOP(Employ Stock Ownership Plan) on September 4, 2021, valuing over $10.5 million for its employees including teachers, team members, and other educators.
Bringing in the news evidently, one of the founders of the company, Roman Saini tweeted recently, “Happy to announce Unacademy’s largest ESOPs buyback till date worth $10.5 million for our team members and educators. This is our third buyback till date. Extremely thankful to all our team members and educators for believing in our vision of democratising education. Let’s crack it.”
Before this declaration on September 4, In July, it was conveyed that the company was planning to be offering TSOPs(Teacher Stock Option Plan) for all Unacademy educators. The company’s CEO Gaurav Munjal communicated his views acknowledging all the company’s educators on Twitter saying, “We are who we are because of our educators and we want our Educators to grow and create wealth as Unacademy grows!” This portrays how Unacademy is empowering its workforce with the objective of retaining the quality of work of its employees within the company’s environment.
July 29 marks the date when it came to our knowledge that the edtech company will be granting stocks to its educators who have experience of 3, 4, and 5 years working in the company. Gaurav Munjal tweeted on this date, “ We are announcing Teacher Stock Options(TSOPs) for all Unacademy Educators.”
Adding more, he shared his words on the very same day(July 29) regarding the company’s future plans of giving Grants of over $40 million to its educators. “On Day One(which is today) we already have more than 300 Educators eligible for the Grant which they will get immediately. Over the next few years, we will give Grants of over $40M to our educators,” were Munjal’s exact words.
Before this $40 million ESOP buyback, Unacedemy issued 2 buybacks worth Rs. 2-3 crore and Rs. 25-30 crore respectively. In its first buyback, the company facilitated its employees to sell their ESOP up to 30% and 25- 100% in its second buyback.
Unacademy: Company’s overview
Unacademy is an Indian edtech company that was founded back in 2015. Its founders include Gaurav Munjal, Roman Saini, and Hemesh Singh. The company was initially recognized as a youtube channel, created in 2010. It has its subsidiaries, namely, CodeChef, Wifistudy, Prepladder, Mastree, Coursavy, Handa Ka Funda, and some more.
This edtech platform provides encyclopedic and other competition-oriented courses like JEE, CAT, UPSC, IIT, SSC, etc. Along with the competitive exams, it also helps its users to prepare for exams from classes 6 to 12. It has more than 60 exam categories with more than 1500 daily live classes. These services are also availed through its app on Google Play Store and Apple’s app store. Offering learn-from-home services, Unacademy has made it super convenient for its learners to learn from anywhere, especially in this situation of covid outbreak.
Know more about unacademy at http://unacademy.com/.