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Classplus Rolls Out Its Maiden ESOP Buyback And Invents ReSOPs

Classplus Rolls Out Its Maiden ESOP Buyback And Invents ReSOPs

Classplus has announced its first ever buyback for the employees. 

 

Under this buyback program, all the eligible employees with vested units of ESOPs were allowed to liquidate upto 100% of their vested shares by selling them back to the company. 

 

Around 30+ employees participated in the buyback with an ESOP realisation pool of $1M. This is an industry-first buyback announcement for a company just 3 years since inception.

 

This is the first time a startup is offering stock options, or as Classplus terms "ReSOPs", as referral bonus to its employees who refer candidates that successfully get hired. This move is likely to encourage employees to refer suitable candidates for all existing and potential openings,  thereby helping the organisation meet its talent requirements. 

 

All full-time employees are eligible for ReSOPs, which will also vest faster than ordinary ESOPs. 

 

The sentiments of the employees who participated in the buyback as well as the co-founders was celebratory and hopeful for the future. Classplus has shown a spurred growth in the last 18 months by raising 4 rounds of funding in that duration alone and enabling a digital identity for 100,000 teachers who are using the platform to teach 20M+ students across 1500+ cities in India. They raised $65 million in a Series C round led by Tiger Global in June. 

 

Mukul Rustagi, Co-Founder & CEO, Classplus, said "Creating value for all the people, right from our customers, to our teams, and our shareholders is one of the biggest reasons why we started Classplus. This is a huge milestone for the Classplus Clan. I thank all those who participated in our first buyback for supporting our vision of empowering educators and playing a pivotal role in our growth. This is a dream come true moment for all of us."

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