Bengaluru-based Mohalla Tech, which runs vernacular social media platform ShareChat, said it has added $14 million to its employee stock ownership plan (ESOP) pool, taking the total to $35 million.
It has extended the ESOP offering to all employees, including the administrative staff, who were on its payroll on June 30, a statement said. It currently employs 400 people.
It has also offered 50% additional ESOPs as a bonus to employees who already own shares in the company, the statement said.
ShareChat’s employees holding ESOPs, upon leaving the company, carry the vesting percentage with them and continue to enjoy the benefits of owning the ESOPs without any predetermined timelines, the statement said.
The ShareChat platform has more than 160 million monthly active users (MAUs), with a user spending an average of 31 minutes daily on the app, the statement said. The Moj platform, on the other hand, has witnessed over 80 million MAUs to date, with a daily user average of 34 minutes.
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