Urban Company registers 33 percent jump in valuation to $2.8 billion
Home services marketplace Urban Co. has jumped 33 percent in valuation to $2.8 billion in a recently concluded employee stock sale program, the company said on Sunday.
The company raised $255 million in Series F funding in June led by Prosus Ventures, Dragoneer and Wellington Management at a valuation of $2.1 billion, with participation from V Capital, Tiger Global and Steadview.
Urban Company shared that it has concluded the sale of ESOPs (Employee Stock Ownership Plan), valued at $7.3 million (Rs 54.6 crore), which was allocated to 770 employees, including shares of approximately 390 former employees. Were.
“Urban Company recently concluded its fourth and largest ESOP sale event at $7.3 million. The ESOPs sold in this transaction have been largely bought out by the company’s existing institutional investors. The transaction closed for $2.8 billion. Valuation, which exceeds $2.1 billion. Series F round in June 2021,” the statement said.
With this round, the company said it has provided liquidity facilities to its employees and former employees of approximately $13.21 million (approximately Rs 100 crore) across 4 ESOP sales events.
Urban Company’s first ESOP sale took place in June 2017, followed by the second ESOP sale in December 2018 and the third sale in August 2020.
“This is our fourth and largest ESOP secondary sale to date. In our experience, such liquidation opportunities reinforce confidence in ESOPs as a wealth creation tool. In addition, we have implemented an employee-friendly ESOP program With features like an exercise price of Re 1, a linear vesting schedule and an unlimited hold period to use the ESOP after an employee leaves the company, said Raghav Chandra, Co-Founder, Urban Company. .
Over the past seven years, Urban Company said it has issued ESOPs to 940 current and former employees.
“A total of 550 of these 940 individuals have vested ESOPs, and were eligible to participate in this secondary sales program. Employees and former employees have vested 100% of their vested ESOPs as part of this sales program,” the statement said. Could sell up to a cent.” said.
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