Emversity, the edtech startup founded by former Unacademy COO Vivek Sinha, recently announced its first-ever ESOP (employee stock ownership plan) liquidity event, buying back ₹6.5 Cr worth of ESOPs from 20 employees. This move comes on the heels of Emversity’s successful $30 Mn Series A funding round earlier this year, aimed at expanding its healthcare and hospitality skilling programs.
According to CHRO Megha Lal, Emversity, currently operational in 24 states across 60+ locations with over 700 employees, is dedicated to empowering students in various healthcare professions. The ESOP buyback, targeted at employees who played essential roles in the startup’s foundational phase, demonstrates Emversity’s commitment to rewarding and retaining key talent.
The buyback decision followed the Series A funding, reflecting Emversity’s proactive approach to acknowledging early contributors. Lal’s LinkedIn post revealed the startup’s intention to conduct future buyback programs, emphasizing the importance of recognizing and incentivizing employees at every stage of growth.
This move by Emversity underscores the significance of aligning employee incentives with the company’s success trajectory, fostering a culture of ownership and investment in the edtech space.
Source: Inc42 Media