Unacademy announces ESOPs buyback
Mumbai: Unacademy, India’s largest learning platform, announced it will have an ESOPs buyback on December 10, 2020 for its current and exited employees, the second such liquidity event at the company founded 5 years back.
All vested ESOPs until December 10, 2020 will be eligible for the buyback and current and exited employees may liquidate between 25% to 100% of vested ESOPs based on a specified scheme.
The size of the buyback pool is likely to be around Rs. 25 to 30 Crores, based on the number of ESOPs liquidated by employees. Unacademy had conducted its first ESOPs buyout in September 2019. At that time, the buyback pool was about a tenth of the current buyback size. Unacademy employees who have been granted ESOPs and have completed more than one year with the company will be eligible to participate in this liquidity round.
Making the announcement in an internal note, Gaurav Munjal, Co-founder and CEO, Unacademy, thanked employees for playing a crucial role in the company’s growth, and encouraged them to continue their efforts to democratise education in the country.