Urban Company saw a 33 per cent jump in the firm’s valuation to $2.8 billion in the employee stock ownership plans (ESOPs) sale, the company said in a statement. The company had raised $255 million in June, led by Prosus Ventures, Dragoneer and Wellington Management with participation from Vy Capital, Tiger Global and Steadview.

“Existing investors of the firm have largely purchased the ESOPs sale. This is the 4th and largest ESOP secondary sale we have done to date. Such opportunities strengthen the faith team members have in ESOPs as a wealth creation tool. Further, we are trying to create an employee-friendly ESOP plan with features like an exercise price of Rs 1, a linear vesting schedule and an unlimited hold period even after an employee leaves the company,” Urban Company co-founder Raghav Chandra said.