Porter, an intra-city logistics startup, has announced its maiden Employee Stock Ownership Plan (ESOP) monetization program worth $5 million for its eligible current and former employees.
All the employees who have vested options as of 31st December 2021 will be eligible to participate in this program and sell a portion of their vested shares immediately. Eligible employees may liquidate their vested units up to a total of $5 million.
The Bengaluru-based company is planning to undertake equitable distribution of benefits and hence the number of options shall be prorated so that every eligible employee is benefitted from the scheme.
Founded in 2014 by Pranav Goel, Uttam Digga & Vikas Choudhary, Porter is an end-to-end logistics platform to help businesses optimize their last-mile delivery operations.
As per our data-tracking platform Fintrackr, the Indian startup ecosystem had more than 40 ESOP buyback announcements in 2021 where startups bought back ESOP worth more than $440 million held by their employees.