Netcore Cloud, a Martech and CPaaS company, has granted $8 million to its employees as part of an ESOP liquidation programme (ELP) over two years. The company has completed two ELPs so far, with the first in 2019. The most recent was during Diwali, earlier this month, when 250-plus employees were eligible. The second ELP saw a 60 per cent higher value per share than the first.
Netcore Cloud introduced its ESOP in 2006. Currently 48 per cent of the employees are part of the programme. With the reinfusion of the cash-settled ESOP, the company has ensured that 25 per cent of the Netcore Cloud holding remains with employees. The scheme has enabled the organisation to attract, retain and motivate employees.
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Bhavana Jain, Chief Human Resource Officer at Netcore Cloud, said, “We have witnessed phenomenal growth trajectory, especially in the last three years, at 35-40 per cent year-on-year. This success wouldn’t be possible without the collective conviction and contribution of every Netcorian. We have always believed in our employees’ wealth and value creation, and the ESOPs liquidation scheme is one more step towards that. We are proud that our ESOP has resulted in 400X value appreciation for Netcorians. As we prepare for an IPO in the next 18 months, our employees will be able to reap $100 million as part of the ESOPs programme.”
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Netcore Cloud recently announced it would add over 800 professionals to its team of 700-plus in India and global markets by 2022.
