Google-backed Adda247, India’s No.1 government job preparation app, has granted stock options under its Employee Stock Ownership Plan (ESOP) program to their employees. The total valuation of the ESOP pool is worth INR 150 crores as of the date and has an annual vesting period of 4 years.
Adda247 has always believed in rewarding exceptional talent through ESOPS. It first launched its ESOP policy in 2016 and has since then rewarded around 10% of its workforce across levels and bands. As the company’s valuation has grown manifold since its founding, so has its people’s wealth. The company further increased its ESOP pool size this year (2022) to include more employees in the programme. Through this, the company will be able to remunerate more of its employees and further incentivize the efforts by creating wealth for the employees as they build Adda247.
Anil Nagar, Founder & CEO, Adda247, commented that, “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”.
Saurabh Bansal, CoFounder COO, Adda247, commented that “Our Employees were very excited when we first announced the ESOP policy back in 2016 and even when we increased the pool size this year to include more employees. We as an organization are committed to building a solid long-term business for our employees as they are our biggest asset”.
Adda247 has played an instrumental role in the learning journeys of more than 80 million students beyond metropolitan cities by delivering quality online education in 12 vernacular languages. Solid business fundamentals, sustainable business and outcome focussed approach has been the DNA of Adda247. To add strategic value to Adda247’s offering in the UPSC and State PSC segment, the company recently acquired UPSC focused ed-tech platform, StudyIQ Education.
Adda247 currently has 22 million monthly active users, and a total of 2 million paid users. Recently, Adda247 also raised $35 million from marquee investors like Google, WestBridge Capital, Infoedge and Asha Impact.