Social media platform ShareChat has added $14 million to its employee stock ownership plan (Esop) pool, taking the total to $35 million.
The startup on Wednesday also announced 50% additional Esops as bonus for employees already holding shares in the company. Currently, it employs over 400 people and the scheme would apply to existing staff members on the firm’s payroll as on June 30.
The regional language social media platform said the decision was taken to recognise the hard work behind the growth achieved by both ShareChat and its recently launched short-video app, Moj.
“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,” Ankush Sachdeva, CEO of ShareChat, said.
The company said it offers Esops to qualified employees, equally vested over four years. In case an employee quits the organisation, the person leaves with the vesting percentage and continues to enjoy the benefit of owning it as Esops without any defined timelines.
ShareChat said it had exceeded 160 million monthly active users (MAU), with users spending 31 minutes daily on average on the app. Moj has already garnered over 80 million MAUs, with users spending 34 minutes daily on average on the platform.