Urban Company announced that, under the Partner Stock Option Plan(PSOP), it has given stock options worth INR 5.2 crore to around 500 partners throughout India.
In a statement, Urban Company said it was trying to increase the presence of women at the company and to develop a diverse and inclusive ecosystem of partner companies. To that purpose, 30 per cent of PSOP recipients are female partners from the vertical of beauty and wellness.
Additionally, out of the cities, Bengaluru had the most partner shareholders (26%), followed by Delhi NCR (22%), Mumbai and Pune (which collectively accounted for 16%), Hyderabad (15%), and Bengaluru.
The company had previously stated in March that it intended to offer nearly free stock options worth INR 150 crore to thousands of service partners over the following 5-7 years. To run the PSOP programme, it established an evergreen trust.
The company’s board of directors has given the go for the first tranche of stocks, worth INR 75 crore, to be distributed over the following several years. Due to their constantly excellent performance, seven partners who were a member of the initial batch of stock recipients in March won it once more for a second time.
“This is just the start and we are hopeful that in the coming years, the numbers will rise to thousands,” said Abhiraj Bhal, Co-founder and Chief Executive Officer (CEO) of Urban Company.
The top 20% of UC partners earned an average of around INR 38,000 per month, net of commissions, fees, and other charges, according to the recently issued H1 2022 UC Earnings Index.