30+ employees participated in the buyback with an ESOP realization pool of $1M. This is an industry-first buyback announcement for a company just 3 years since inception.
Classplus, a mobile platform for coaching institutes, educators, and content creators to launch their online teaching apps, has announced its first-ever buyback for the employees. Under this buyback program, all the eligible employees with vested units of ESOPs were allowed to liquidate up to 100% of their vested shares by selling them back to the company. 30+ employees participated in the buyback with an ESOP realization pool of $1M. This is an industry-first buyback announcement for a company just 3 years since inception.
This is the first time a startup is offering stock options, or as Classplus terms “ReSOPs”, as referral bonus to its employees who refer candidates that successfully get hired. This move is likely to encourage employees to refer suitable candidates for all existing and potential openings, thereby helping the organization meet its talent requirements. All full-time employees are eligible for ReSOPs, which will also vest faster than ordinary ESOPs.
The sentiments of the employees who participated in the buyback, as well as the co-founders, was celebratory and hopeful for the future. Classplus has shown a spurred growth in the last 18 months by raising 4 rounds of funding in that duration alone and enabling a digital identity for 100,000 teachers who are using the platform to teach 20M+ students across 1500+ cities in India. They raised $65 million in a Series C round led by Tiger Global in June.
“Creating value for all the people, right from our customers, to our teams, and our shareholders is one of the biggest reasons why we started Classplus. This is a huge milestone for the Classplus Clan. I thank all those who participated in our first buyback for supporting our vision of empowering educators and playing a pivotal role in our growth. This is a dream come true moment for all of us.” commented Mukul Rustagi, Co-Founder & CEO, Classplus.
Founded by Mukul Rustagi and Bhaswat Agarwal in 2018, Classplus is a mobile-first SaaS platform that enables content creation, distribution, and monetization for not just academic educators, but non-academic instructors, trainers, and coaches as w
Source: Business World