Jaro Education, a leading Edtech company offering world-class executive education to working professionals has announced its plans for a second grant of ESOP (employee stock option plan) worth INR 150 million to reward the company’s existing employees.
According to the scheme, employees of Jaro Education will be able to vest their ESOPs over a period of 3 years. The grant of ESOP shall be in the range of INR 3 lakhs to INR 3 crores per employee depending upon various performance parameters determined by the Company.
In FY 2021-2022, Dr Sanjay Salunkhe, Chairman and MD of Jaro Education had announced the purchase of shares issued through the Employee Stock Option Plan (ESOP). The company had issued shares to its key employees in 2018 at a rate of Rs. 50/- per share. Dr Salunkhe offered to buy back those shares at Rs. 250/- per share by providing a 400% return on their investment.
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Dr Sanjay Salunkhe, Chairman and Managing Director, Jaro Education said “Our organization growth in last 12 years is because of team members’ dedication & outstanding performance and they deserve to be rewarded. We believe that the ESOPs would further create a sense of ownership and motivate them to achieve substantial growth in the years to come.”
Ranjita Raman, the CEO, of Jaro Education, further added, “Our employees are our most valuable asset, and their devotion and hard work have allowed us to expand dramatically in the last year. This ESOPs is our method of expressing our gratitude to our employees and, as a result, making them stakeholders in our success”
In comparison to the last ESOP Grant, the number of ESOP holders increased by more than 125%, and the company expects the numbers to continue to rise in years to come.
Recently the company also announced that they have set aside a marketing budget of around INR 1,000 million for the acquisition of learners around the world, enhancement of corporate offerings, program portfolio expansion, and brand awareness activities.