Edtech start up LEAD on Wednesday announced an ESOP Liquidation Plan of about $3 million (about Rs 22.5 crore) for its employees. The move comes at a time when LEAD is aiming for a "high growth trajectory" following the recent Series E fundraise of $100 million led by WestBridge Capital with participation from GSV Ventures. The company attained the 'unicorn' status with that funding at a valuation of $1.1 billion.
A startup with a valuation of over $1 billion is called `unicorn'. LEAD, in a statement, announced an ESOP (Employee Stock Option Plan) Liquidation Plan of close to $3 million for its employees. The current ESOP liquidation plan is a "significant opportunity", given that LEAD's valuation has doubled in the last nine months on the back of strong growth in operating and financial metrics, the statement said.
Its co-founder and CEO, Sumeet Mehta said, "Our success would not have been possible without the relentless efforts of our teams. I'm delighted that we are in a position to offer significant wealth creation opportunities to those who have joined us on our mission to provide an excellent education to every child."
The school edtech start up has also included its alumni in the ESOP Liquidation Plan "because they continue to remain ambassadors of LEAD", Mehta added.
