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Ola expands ESOP pool to Rs 3,000 cr, allocates stocks worth Rs 400 cr to employees

Ola expands ESOP pool to Rs 3,000 cr, allocates stocks worth Rs 400 cr to employees

The move will reinforce employees' sense of ownership and align their growth with that of the company as Ola accelerates the world’s transition to sustainable mobility, says Bhavish Aggarwal

BusinessToday.In
  • Updated Jul 28, 2021 3:43 PM IST
Ola expands ESOP pool to Rs 3,000 cr, allocates stocks worth Rs 400 cr to employees Ola founder and CEO Bhavish Aggarwal. Photo: Reuters

Ride-hailing aggregator Ola has expanded its employee stock options (ESOP) pool to Rs 3,000 crore, with the allocation of an additional Rs 400 crore worth of stocks to employees in the run-up to its initial public offering (IPO).

The company said the allocation rewards Ola's high impact employees and will lead to long-term wealth creation for them.

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"At Ola, we're focused on creating the industries of tomorrow with the ambition to build globally competitive, high impact businesses at the global scale. Our expanded ESOP programme, along with the fresh stock allocation of Rs 400 crore, enables our key talent to participate in the long-term wealth creation opportunities generated by their innovations and the impact they create. It will also reinforce their sense of ownership and align their growth with that of the company as we continue to accelerate the world's transition to sustainable mobility," said Bhavish Aggarwal, Ola's founder and chief executive.   

As per the company, over the last several months, it has seen a strong recovery in its ride-hailing business as customers look for safer ways to move. Ola also aims to move towards sustainable mobility through its ride-hailing platform as well as through advanced electric vehicles manufactured at its Futurefactory.

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Aggarwal-led Ola Electric is the latest entrant in the EV market. The company's first product, Ola Electric Scooter's pre-launch booking was thrown open to the public two weeks back at a token amount of Rs 499. The company surpassed the record 1 lakh registrations within 24 hours. The new battery-powered scooter is expected to come with confirmed segment-leading features such as app-based keyless access, the biggest-in-class boot space, and the segment-leading range.

Besides, the company is also exploring options to diversify into 'used car retailing' space in Bengaluru, reported Entrackr. The company has reportedly started building a team and the pilot project is expected to start in Bengaluru as early as next month.

Also read: Ola to make inroads in used car retailing business, to compete with Spinny, CarDekho

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Also read: 'Build indigenously, attract global OEMs in India': Ola's Bhavish Aggarwal on Tesla's call for import duty cut

 

Also Read: Zip, zap, zoom! Ola scooter takes off; 1 lakh EVs booked in a day

 

Also Read: Tesla to 'most likely' restart accepting Bitcoin as payments: Elon Musk

Published on: Jul 28, 2021 2:08 PM IST
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