Homegrown ed-tech unicorn Unacademy has announced to offer stock options for educators on its platform, co-founder and chief executive Gaurav Munjal said in a tweet. The firm's this plan is meant to motivate educators and retain quality talent for the SoftBank-backed company.
Employee Stock Ownership Plans (ESOPs) or stock options are typically reserved for permanent employees of a firm and are used as a tool to attract talent. This is also the first time that an ed-tech firm is issuing ESOPs or as Munjal terms ‘Teachers Stock Options’ (TSOPs) to its educators.
Munjal tweeted, "We are announcing Teacher Stock Options (TSOPs) for all Unacademy Educators."
Munjal, in a series of tweets, said, “Unacademy educators will be eligible for fully vested stock grants on completion of three, four and five years..."
"On Day One (which is today), we already have more than 300 educators eligible for the grant which they will get immediately. Over the next few years, we will give grants of over $40 million to our educators."
Recently, Munjal also revealed that Unacademy’s revenue and valuation have grown almost 10 times in the last 18 months, and it now has over 4,000 team members and more than 4,000 educators.
Apart from SoftBank, the online learning firm is backed by investors such as Sequoia Capital, Tiger Global Management, General Atlantic, Dragoneer Investment Group and Facebook.
Unacademy, which currently provides test preparation services for civil services exams, engineering and medical entrance exams, among others, became a unicorn in 2020. The firm has also forayed into other education sub-segments, including tutoring classes for school kids, via acquisitions.
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