Meesho, the internet commerce platform, has launched MeeSOP, an annual ESOP programme, which allows all full-time employees, irrespective of tenure or rank, to convert up to 25 per cent of their annual CTC into ESOPs, subject to a minimum of Rs 50,000. The ESOPs granted in this manner, would be greater than 100 per cent of the CTC given up.
A month ago, Meesho had announced a US$ 5.5 million ESOP liquidity programme for its eligible present and ex-employees with vested stocks. This was the Company’s second liquidity programme in less than a year’s time. During that period, Meesho’s valuation also increased two fold, to $4.9 billion following a Series F funding of US$ 550 million.
Vidit Aatrey, founder & CEO, Meesho, points out that by repeatedly buying back employee stocks, the Company ensures that its employees grow with it and are able to create wealth. He says that the MeeSOP programme takes the growth commitment further, “breaking hierarchies to make every employee an owner, and providing more avenues for wealth creation”. The programme ensures that employees possess the “means to realise their personal and financial goals with us.”
While allowing each employee to benefit, the 100 per cent inclusive MeeSOP programme ensures that 100 per cent of the grant is vested by the end of the year. It allows employees to gain from the Company’s frequent ESOP liquidation initiatives.
Meesho’s ESOPs are known for their robustness, given the offer of negligible strike prices, monthly vesting after the first 12 months, and non-cancellation of vested stocks even post-separation.
The internet commerce platform enables small businesses as well as individual entrepreneurs to succeed online. Its marketplace provides small businesses — including SMBs, MSMEs and individual entrepreneurs — access to millions of customers, selection from over 700 categories, pan-India logistics, payment services and customer support capabilities to ensure their businesses run efficiently on the Meesho ecosystem.