ShareChat, the Indian social-media platform, has decided to reward its employees for their hard work, by extending its current ESOP pool by $14 million, to $35 million. The scheme will be offered to each and every employee on its rolls, as on June 30, 2020, even those in administration. It has also offered a 50 per cent bonus to the staff who presently have stock options in the Company.
This is the Company’s way of acknowledging the contribution of the employees to its growth as well as to the growth of Moj, its new short-video platform. The Company is progressing well with its users spending about half an hour on the platform on average, every day. The monthly active user base of the platform has now crossed 160 million. The recently introduced Moj has managed to attract more than 80 million active users a month, who are spending about 34 minutes on the same daily.
The Company has a more than 400 strong workforce, of which over 300 are on its rolls and eligible for the ESOP scheme. Of these, those who already hold stocks in the Company will receive a bonus in the form of 50 per cent additional shares.
It is ShareChat’s practice to offer ESOPs to its eligible employees, equally vested for a four-year period. At the time of leaving the Company, employees are given the vesting percentage and they continue to reap the benefits of the shares owned by them with no time limit.