Unacademy, the prominent edtech company, has unveiled a Rs 50 crore Employee Stock Ownership Plan (ESOP) buyback initiative to provide liquidity to its employees. Co-founder Gaurav Munjal disclosed that eight employees are set to earn over Rs 1 crore each, with 17 employees receiving more than Rs 50 lakh and 38 employees expecting over Rs 10 lakh. Munjal stated that the company will contact eligible employees in the coming weeks to participate in the program.
Munjal recently clarified Unacademy’s ESOP exercise terms and valuation, emphasizing a one-time 30-day window for former employees to exercise vested stock options. The current valuation, lower than previous funding rounds, prioritizes preference shareholders over equity holders.
Amid challenges in the edtech sector following the pandemic boom, Unacademy is undergoing strategic adjustments. The company announced a shift from company-operated offline learning centers to a franchise model to enhance cost efficiency and unit economics. Exploring consolidation opportunities, Unacademy’s potential acquisition discussions with upGrad ended due to conflicting valuation terms.
Source: Entrackr : Latest Posts