Vy Capital buys Urban Company Esops worth $5 million
Published on 25th August, 2020 | 1 min read
According to Urban Company chief executive Abhiraj Singh Bhal, about 183 employees, across designations and roles, were eligible to participate in the latest Esop transaction, of which about 120 people, ranging from call centre executives to senior leadership, took part. In 2017, Urban Clap, as it was known then, had undertaken a $1 million Esop sale round, which was followed by a $2.5 million secondary round in December 2018. Under Urban Company’s Esop programme, every employee gets Esops at a face value of one rupee and the prevailing stock price has crossed Rs 1 lakh. Founded by Bhal, Varun Khaitan and Raghav Chandra, Urban Company runs spa, beauty, grooming, repairs and cleaning services and earns revenue through a commission fee model based on transactions made on its platform. In August last year, the company had raised $75 million in a Series E round led by US-based investment fund Tiger Global Management, valuing it at close to $1 billion. The firm has till date cumulatively raised about $200 million from investors, including SAIF Partners, Accel, Steadview Capital, and Vy Capital.
