Akshata Sharma
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Edtech startup Adda247 has rolled out its first employee stock ownership plan (ESOP) buyback programme
At least 130 employees across various roles and functions will be participating in the buyback. Notably, Adda247 granted stock options worth INR 150 Cr to its employees under its ESOP pool in 2022 with an annual vesting period of four years.
The startup added that the buyback is averaging 40 times the initial purchase price.
"Our employees are the strength of Adda247, and this initiative demonstrates our appreciation for their dedication and hard work and the wealth they can create," said Adda247's founder Anil Nagar.
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