Google-backed edtech start-up, Adda247, has rolled out employee stock ownership plans worth Rs 150 crore with a vesting period of four years. The first ESOP policy was announced in 2016 and it has since then rewarded about 10 per cent of its workforce, the company said in a statement.
Through this move, the company will be able to remunerate more of its employees and further incentivise the efforts by creating wealth for the employees as they build Adda247.
The government job preparation platform has been built with an employee-first DNA, said its founder and CEO, Anil Nagar. “Through the policy, we want employees to grow with the organisation and also reap monetary benefits for themselves. Eventually, we want to generate wealth for all our employees with the dream to create at least a hundred crorepatis from our employees prior to our IPO,” Nagar said.
In October this year, Adda247 raised $35 million in an unspecified round led by WestBridge Capital and Google. The round also saw participation from the start-up’s existing investors, which include Sanjeev Bikhchandani-led Info Edge and impact fund Asha Impact.
Within the edtech space, Adda247 competes with several players including the likes of BYJU’S, Vedantu, Unacademy, upGrad, ClassPlus, and a few more players.
Founded in 2016 by Nagar and Saurabh Bansal, Adda247 primarily caters to students from India’s Tier II, III and beyond towns, who look to crack entrance tests to secure a stable government job in railways, banking, and the larger public sector. The startup claims to have 22 million monthly active users (MAUs), of which two million are paid learners. Over 85 per cent of its user base comes from small towns.
Adda247 courses are available in 12 languages - English, Hindi, Tamil, Telugu, Marathi, Bengali, Odia, Punjabi, Gujarati, Assamese, Malayalam and Bhojpuri.
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