Bengaluru-based electric mobility company Ola announced the expansion of its employee stock options (ESOP) pool to Rs 3,000 crore. According to the statement, The company is allocating an additional Rs 400 crore worth of stocks to its employees in the run-up to its IPO.
The allocation rewards Ola’s high-impact employees and will lead to long-term wealth creation for them, the company adds.
“At Ola, we’re focused on creating the industries of tomorrow with the ambition to build globally competitive, high impact businesses at a global scale. Our expanded ESOP program, along with the fresh stock allocation of ₹400Cr, enables our key talent to participate in the long-term wealth creation opportunities generated by their innovations and the impact they create, Bhavish Aggarwal said.
"It will also reinforce their sense of ownership and align their growth with that of the company as we continue to accelerate the world’s transition to sustainable mobility," he adds.
Over the last several months' Ola has seen a strong recovery in its ride-hailing business as customers look for safer ways to move. The company has invested significant resources in customer safety including frequent fumigation, temperature checks, and more, cementing its position as the consumer’s preferred mobility choice.
Earlier this week, B2B commerce startup Moglix has also announced a $3 million ESOP buyback program for all eligible employees with vested stock following its recent fundraise. During the buyback, employees will be able to sell up to 25% of their vested shares.
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