Google-supported 'Adda247' reveals its first-ever ESOP buyback for 130+ employees
Backed by Global tech giant Google, Adda247 has declared its first ever ESOP - Employee Stock Ownership Plan buyback for more than 130 employees spanning over diverse role and operations.
Lately, the edtech platform purchased CA – Chartered accountancy test preparation platform Ekagrata Eduserv for an unrevealed sum.
The Employee Stock Ownership Plan of buyback comes after the company’s strategic plan to go public IPO in the year 2026, The price of the Buyback is be around 40 times the initial purchase price.
Co-established by Anil Nagar & Saurabh Bansal in the year 2016, the offerings of the edtech startup Adda247 includes live online classes, on-demand video courses, mock tests & e-books. In addition, the firm has extended its offerings into the skilling, up-skilling & higher education levels.
The startup states that it is serving more than 40 million users per month and has 2 million students registered in its premium level courses.
Last week, food delivery and quick commerce decacorn Swiggy announced an ESOPs liquidity programme worth $65 million. In the ongoing calendar year, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, and Pocket FM have bought back ESOPs from their staffs.
As per the data intelligence platform, TheKredible, the total ESOP buyback by startups in India recorded at probably $802 million in the year 2023. In the consecutive years of 2021 and 2022, the buyback sum was stood at $440 & $802 million in turn.
Speaking to this, Anil Nagar, Founder and CEO, Adda247 says, "This ESOP buyback represents a pivotal moment in Adda247's evolution. It's a testament to our unwavering commitment to empowering our employees and fostering a culture of shared success. 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”.
Additionally Nagar added, "As we celebrate this milestone, we are inspired by the diverse goals of our employees. From fulfilling long-held dreams to clearing loans, and yes, even purchasing the latest iPhone 15 Pro Max, we are proud to support their endeavours!
