Classplus, a Tiger Global-backed software as a service (SaaS) platform that focuses on digitising offline coaching institutes, has announced an employee stock options plan dubbed 'ReSOP' policy for all its employees, the company said in a statement on Monday.
ReSOP stands for employee referral policy in which the company offers stock options. Through this policy, the company will offer stock options with a faster vesting schedule as a referral bonus to employees who refer suitable candidates for open positions at Classplus.
According to the statement, the ReSOPs are expected to encourage existing employees to refer candidates in their network. The ReSOPs will vest fully in one year, and more than 700 Classplus employees are eligible for this policy, the statement said
“We believe in creating long-term wealth for our people and introduced ReSOPs to help them accumulate stocks regardless of their role, and their experience at Classplus. We did not want to create a league or a competition for our team. We believe that everyone should win and become a shareholder of Classplus. Plus, someone who brings their friend to work contributes significantly to our growth and stock options that compound exponentially are a more fitting reward for them than just cash,” Mukul Rustagi, CEO and Co-Founder, Classplus said.
Classplus, which is operated by Bunch Microtechnologies Pvt. Ltd., was founded in 2018 by Mukul Rustagi and 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, the statement said.
In September, the company said that it has completed the first buyback for its employees. Earlier this year, the platform closed its series C round at $65 million (Rs 482 crore) led by alternative investment firm Tiger Global Management.
Several startups such as payment players Paytm and MobiKwik and student accommodation provider Stanza Living have either offered ESOPs or expanded the ESOP pool.