Urban Company aims to enhance partners ESOPs multi-fold to Rs 150 crore in 5-7 years

Representative image (Twitter/Urban Company)

Home services marketplace Urban Company looks to increase Partner Stock Option Plan to Rs 150 crore in the next 5-7 years, the unicorn said on Monday.

Urban Company said that it has awarded company stocks worth Rs 5.2 crore to about 500 partners across India in November.

"Earlier this year, we decided to create a fund of Rs 150 crore to make partners become shareholders of Urban Company. Today we are happy to announce our second cohort of about 500 partners who have been awarded with shares. This is just the start, and we are hopeful that in the coming years, the numbers will rise to thousands," Urban Company, co-founder and CEO, Abhiraj Bhal said In March 2022, Urban Company launched the Partner Stock Option Plan to award shares worth Rs 150 crore to thousands of service partners over the next 5-7 years.

The company has already got board approval for the first tranche of Rs 75 crore worth of stocks, to be disbursed over the next few years.

UC said 30 per cent of the PSOP recipients are female partners from the Beauty and Wellness vertical.

Among the cities, Bangalore had the most number of partner shareholders at 26 per cent, followed by Delhi NCR (22 per cent), Mumbai and Pune (together accounting for 16 per cent) and Hyderabad (15 per cent), the statement said.