Unacademy, India’s largest learning platform, has announced an ESOPs buyback program worth $10.5 Million for its current and former employees, as well as Educators. This is the third such liquidity event by Unacademy in the last three years and is also its largest till date.
Eligible ESOP holders may liquidate between 20% to 100% of their vested units based on a specified scheme. The size of the latest buyback pool is targeted at $10.5 Million and will be based on the number of ESOPs liquidated by employees and Educators. The announcement comes barely a month after the company announced an industry-first Teacher Stock Option Plan (TSOPs) for its Educators.
Making the latest announcement in an internal note, Gaurav Munjal, Co-founder and CEO, Unacademy Group, thanked employees for being a part of the company and playing a pivotal role in building one of the most iconic brands in the country. Unacademy conducted its first ESOPs buyback in September 2019, followed by a second one in December 2020.