Edtech start-up Teachmint has announced its Employee Stock Option (ESOP) liquidity plan which has come on the heels of a $78 million funds raise by the start-up in a Series B round which was led by Rocketship.vc and Vulcan Capital, with participation from Goodwater Capital, Epiq Capital, Learn Capital, CM Ventures, Lightspeed India and Better Capital. The company says that it will be the industry-first continuous ESOP initiative which will give its employees complete control over the liquidation of the vested shares.
According to the scheme, any member of Teachmint’s workforce will be able to liquidate their vested ESOPs against cash at any point of time over the next one year. What differentiates this initiative is that it puts the timing and quantum of such liquidation in complete control of the individual. With the aim of scaling its current user base from 10 million to 100 million and beyond, Teachmint is focused on doubling its team strength over the next six months with a focus on product, technology and design skills. An initiative like this will also fuel the company’s hiring initiatives and will help them groom top quality talent, Teachmint said in a statement.
“Teachmint has witnessed unprecedented growth since inception and we believe it’s important to acknowledge and reward the contributions of our team in this journey. Our team is our biggest moat and CELP [Continuous Employees Liquidation Plan] is one of the many steps which we have taken to ensure we understand their changing needs and continue empowering them. This initiative will help in ensuring flexible financial planning for everyone in the organisation and support wealth creation opportunities," said Mihir Gupta, Co-founder and CEO, Teachmint.
Gupta further added that one of Teachmint's core values is 'being an owner' and hence the company follows this up by offering 'meaningful ESOPs' to its employees.
"‘Being an owner’ is one of our core values and we walk the talk by offering meaningful ESOPs to all our team members across all roles, which has helped us build a culture of true ownership, belonging and growth from the ground up,” Gupta added.
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