Classplus, a Tiger Global-backed SaaS platform that digitises offline coaching institutes, said it has done its first-ever buyback for employees.
Under this programme, all employees with vested units of ESOPs were allowed to completely liquidate their vested shares by selling them back to the company.
Over 30 employees participated in the process with an ESOP realisation pool of $1 million.
The startup is also offering stock options as referral bonus to its employees who refer candidates who get hired.
The company raised $65 million in a Series C round of funding led by Tiger Global in June this year. The transaction valued Classplus parent Bunch Microtechnologies at $250 million.
Noida-headquartered Bunch Microtechnologies also counts Sequoia Capital India’s Surge and Times Internet among its early backers.
Mukul Rustagi founded Classplus in 2015 with Bhaswat Agarwal. The company helps coaching institutes set up an online presence. It aims to streamline the market by helping tutors run their communication, payments, assessments and online learning programmes on a full-stack mobile solution.
Classplus claims to have digitised over 1 lakh tutors across 1,500 cities serving 20 million students.
Several startups such as payment players Paytm and MobiKwik and student accommodation provider Stanza Living have either offered ESOPs or expanded the ESOP pool.