Meesho, a social e-commerce platform operated by Fashnear Technologies, has this year introduced its third Employee Stock Ownership Plan (Esop) along with an annual MeeSOP program for all its employees.
“Under the programme, every full-time employee, irrespective of their tenure in the company or their seniority, will be able to convert a maximum of 25% of their annual cost-to-company (CTC) into ESOPs, subject to a minimum of Rs. 50,000 ESOPs thus granted would exceed 100% of the CTC omitted,” Meesho said.
This announcement by Meesho follows an October $5.5 million ESOP program to buy back vested shares from eligible current and former employees. In September, it raised $550 million in a Series F funding round, up 2x its valuation to more than $4.9 billion.
“Our frequent and timely buybacks ensure that our employees continue to grow with us. MeeSOP takes this commitment further, breaking down the hierarchy to make each employee the owner, and providing greater opportunities for wealth creation and tax savings. As we hire more talent, we will continue to provide our team with the means to achieve their personal and financial goals,” said Vidit Atre, Founder and Chief Executive, Meesho.
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