Urban Co to award shares worth Rs 150-cr to gig workers
In an industry-first move globally to bring gig workers into the mainstream, online home services marketplace Urban Company on Wednesday announced Partner Stock Ownership Plan (PSOP) for its service providers where it will award stocks worth Rs 150 crore to thousands of service partners over the next 5-7 years.
New Delhi: In an industry-first move globally to bring gig workers into the mainstream, online home services marketplace Urban Company on Wednesday announced Partner Stock Ownership Plan (PSOP) for its service providers where it will award stocks worth Rs 150 crore to thousands of service partners over the next 5-7 years.
The company said it will set up an evergreen trust to manage the PSOP plan, and award them at near zero cost to service partners.
The company has already got board approval for the first tranche of Rs 75 crore worth of stocks, to be disbursed over the next 3-4 years.
"The Partner Stock Ownership Plan (PSOP) will help thousands of service partners become shareholders of the company, thereby enabling broad-based wealth creation through equity sharing," said Raghav Chandra, Co-founder of Urban Company.
