Classplus, the three-year old mobile platform that helps coaching institutes, teachers and content creators launch their online teaching apps, has announced its first ever ESOP buyback for its employees. All eligible employees who have vested units of ESOPs will be allowed to liquidate up to 100 per cent of their vested shares, by selling them back to the Company. Interestingly, the Company is offering stock options, as referral bonus, calling them “ReSOPs”. These will be offered to employees who refer suitable candidates who are then successfully hired.
The ReSOPs are expected to encourage existing staff members to refer suitable candidates for existing and potential openings, thereby helping the organisation fulfil its talent needs. All full-time employees are eligible for ReSOPs, which will vest faster than ordinary ESOPs.
Calling this a “huge milestone for the Classplus Clan”, and thanking all those who participated in the programme, Mukul Rustagi, co-founder & CEO, Classplus, admits this is a “dream come true moment” for everyone.
More than 30 employees participated in the buyback with an ESOP realisation pool of $1M. Classplus has grown rapidly in the last one and a half years raising 4 rounds of funding and enabling a digital identity for 100,000 teachers who use the platform to teach over 20 million students across more than 1500 cities in India. The mobile-first SaaS platform raised $65 million in a Series C round led by Tiger Global in June. The platform facilitates content creation, distribution, and monetisation for not just academic educators, but also non-academic instructors, trainers, and coaches.