Porter offers liquidation of ESOPs worth ₹50 crores to its employees for second consecutive year
The employees will be able to sell the eligible options immediately at a 50% higher value from the last liquidation valuation up to a total value of ₹50 crores
Porter, India’s leading tech-based, on-demand, logistics company has announced to offer liquidation of ESOPs (Employee Stock Ownership Plan) worth ₹ 50 crores for its current and former employees. This liquidation aims to encourage Porter’s talent for their valuable contributions by providing them with wealth-creation opportunities.
As a part of this program, all the employees with eligible options are qualified to avail of this plan/program. The employees (current and former) will be able to sell the eligible options immediately at a 50% higher value from the last liquidation valuation up to a total value of ₹50 crores.
Pankaj Shroff, CFO, Porter said, “This round of ESOP is yet another testimony of Porter’s gratitude and appreciation for the significant endeavors by our current and former employees in building the company. We aim to incentivize our employees keeping in mind their growth and well-being including financial growth.”
“We announced our first-ever ESOPs liquidation worth ₹40 Crore ($5 Million) in 2021 benefiting many of our stakeholders. Our employees are one of the main drivers of success at Porter and their growth is of utmost priority to us. By enabling an ESOP liquidation for the second consecutive year, we wish to provide a unique opportunity for our current and ex-employees to decide on their investments and cash flows at a much faster rate. This ESOPs scheme is one of the ways to reward our employees and ensure that their contributions are valued substantially,” said Rizwan Khan, VP of Human Resources, at Porter.
Founded in 2014 by Pranav Goel, Uttam Digga & Vikas Choudhary, Porter is a leading logistics company providing a spectrum of intra-city and inter-city services. Porter has serviced over 1 crore customers across 18 cities in India, with a workforce of 2,600 employees.