CRED declared that its cumulative Employee Stock Option Programme (ESOP) buyback would be worth Rs 100 crore. This comes after the firm introduced CRED’s Accelerated Wealth Program in August to allow its employees to build wealth. Team members will be eligible to participate in the buyback and sell a part of their vested shares, the company said in a newsletter.
“Our growth in the last three years is due to the collective opinion and contribution of the team. Rewarding our team members, we are giving them sufficient opportunities to create wealth- helping them realise financial goals and invest in their future,” the newsletter added.
“As we raise funds to support our growth, it’s also necessary to accept that our employees have played in our success. We have committed to investing wealth-creation opportunities for them and have allotted 10 per cent of our capital for ESOPs at the Series C stage,” CRED founder Kunal Shah said in a statement.