Google-backed Adda247 grants ESOPs worth Rs 150 cr to staff

NEW DELHI: Google-backed government job preparation platform Adda247 on Monday said it has granted stock options worth Rs 150 crore under its employee stock ownership plan (ESOP) programme to its workers.

The ESOP policy currently has a vesting period of four years and aims to reward exceptional talent while continuously valuing employees, the company said in a statement.

“The entire purpose of ESOP policy is also to give priority and importance to our employees. Eventually, we want to generate wealth for all our employees with the dream to create at least a hundred crorepatis from our employees prior to our IPO,” said Anil Nagar, founder-CEO, Adda247.

Adda247 first launched its ESOP policy in 2016 and has rewarded around 10 per cent of its workforce across levels to date. “We as an organisation are committed to building a solid long-term business for our employees as they are our biggest asset,” said Saurabh Bansal, CoFounder COO, Adda247.

Adda247 caters to nearly 80-100 million government job aspirants across the country in 12 vernacular languages.

The company recently acquired UPSC-focused edtech platform, StudyIQ Education. Adda247 currently has 22 million monthly active users, and a total of 2 million paid users.

The platform recently raised $35 million from marquee investors like Google, WestBridge Capital, Infoedge and Asha Impact.