Education infrastructure startup Teachmint announces a first-of-its-kind Continuous ESOP Liquidity Plan at the heels of its latest $78 mn series B fundraise
New Delhi: Teachmint, an ed-infra startup and the creator of India’s largest teaching platform, today announced an industry-first Continuous ESOP Liquidity Plan (CELP) to reward and recognize the contributions of its team. This initiative also makes Teachmint among the first Indian startups to give its team members complete control over the liquidation of their ESOPs. This comes at the heels of the company’s latest series B fundraise of $78 mn led by Rocketship.vc and Vulcan Capital, with participation from Goodwater Capital, Epiq Capital, Learn Capital, CM Ventures, Lightspeed India and Better Capital.
Any member of Teachmint’s workforce will be able to liquidate their vested ESOPs against cash at any point of time over the next one year. What differentiates this initiative is that it puts the timing and quantum of such liquidation in complete control of the individual. With the aim of scaling its current user base from 10 million to 100 million and beyond, Teachmint is focused on doubling its team strength over the next six months with a focus on product, technology and design skills. An initiative like CELP will also fuel the company’s hiring initiatives and help them groom top quality talent.
Commenting on this, Mihir Gupta, Co-founder & CEO at Teachmint said, “Teachmint has witnessed unprecedented growth since inception and we believe it’s important to acknowledge and reward the contributions of our team in this journey. Our team is our biggest moat and CELP is one of the many steps which we have taken to ensure we understand their changing needs and continue empowering them. This initiative will help in ensuring flexible financial planning for everyone in the organization and support wealth creation opportunities.
‘Being an owner’ is one of our core values and we walk the talk by offering meaningful ESOPs to all our team members across all roles, which has helped us build a culture of true ownership, belonging and growth from the ground up.”
Teachmint is a mobile and video-first teaching platform which has enabled millions of teachers in India to digitize their classrooms. In addition to continued growth of it’s app-based platform, Teachmint has also expanded its ed-infra offerings with products like Teachmint for Institute and Education Video-as-a-Service. With adoption from 4,000+ educational institutes in India and multiple international edtech partnerships, Teachmint today is the only solution catering to end-to-end infrastructure needs of educators; from K-12 schools to after-school tutoring to universities and even edtechs.