ShareChat, the leading Indian social media venture, today announced an additional $14 million ESOP pool to reward its employees for their hard work and dedication towards the company. With this addition, the ShareChat’s total ESOP pool stands at $35 million.
ShareChat also announced 50% additional ESOPs as bonus for the existing employees holding ESOPs in the company. Also, ESOPs have also been extended to every employee on its payroll including administrative staff who were not holding any ESOP earlier. The decision was taken to recognise their hard work behind the incredible growth achieved by both ShareChat and its recently launched short video platform, Moj.
The scheme would be applicable for the existing employees who were on the company’s payroll on June 30, 2020. Presently, ShareChat employs over 400 people.
Ankush Sachdeva, CEO & Co-founder, ShareChatsaid,“The foundation of our existence has been purely our people, combined with their passion and energy. Our growth since inception has not been without challenges, but we have always managed to come out of these challenges unscathed just on the strength of our people. The additional ESOP is a measure of small appreciation for this commitment, and a recognition of our team’s efforts. The new pool will keep us well placed for rewarding our teams in the future as well”
“We are thankful to our investors and the founding team for believing in ShareChat’s people-centric culture and continuously motivating us towards building a people-driven organisation,”added Sachdeva.
ShareChat offers ESOPs to its qualified employees, equally vested over four years. In case any employee leaves the organisation, the person leaves with the vesting percentage and continues to enjoy the benefit of owning it as ESOPs without any defined timelines. This implies, the employees are not forced to exercise their right even after they exit the organisation.
The company has also released its new growth numbers. ShareChat has now exceeded 160 million MAUs (monthly active users), with 31 minutes daily average user spent. Moj, the newly launched short video platform, has already garnered over 80 million MAUs, with 34 minutes daily average user spent.