On-demand intra-city logistics provider Porter has executed its first employee stock ownership plan (Esop) monetisation program worth $5 million (approximately Rs 37 crore) for its eligible current and former employees, the company said in a statement.
Employees who have vested options as of 31 December 2021 will be eligible to participate in this program and sell a portion of their vested shares immediately. Eligible employees may liquidate their vested units up to a total of $5 million (approximately Rs 37 crore), the company added.
Founded by Pranav Goel, Uttam Digga and Vikas Choudhary in 2014, Porter is a last-mile intra-city logistics provider which helps customers book on-demand marketplace for LCVs and bikes providing logistics service 'Porter for Enterprise' to ship goods within their city. It also provides packers and movers services for house shifting on its platform.
"We at Porter, believe that our efforts have a disruptive impact in the logistics industry and recognise, cater and solve the gaps in the demand and supply chain. Moreover, Porter is not just a business opportunity, but a medium to positively impact everyone who joins us in this journey. The program will provide our ex and current employees with an opportunity for wealth creation.” said Goel, CEO at Porter.
The company said it is planning to undertake equitable distribution of benefits and hence the number of options shall be prorated so that every eligible employee is benefitted from the scheme.
So far, Porter has serviced over 70 lakh customers across 15 cities in India.
In October 2021, the company had raised Rs 750 crore (roughly $100 million) in its Series E funding round led by Tiger Global Management and Vitruvian Partners. Besides, Sequoia Capital and Lightrock India are also invested in the firm.
The 8-year old startup could be joining the unicorn club (startups valued at more than $1 billion) in 2022.
