Porter undertakes first-ever ESOP liquidation worth $5 Million

Date: 20 Jan 2022

Porter, India’s leading tech-based, on-demand, intra-city logistics company has announced its maiden Employee Stock Ownership Plan (ESOP) monetisation programme worth $5 million for its eligible current and former employees. The liquidation opportunity is expected to benefit both the current and former employees providing wealth creation opportunities.

All the employees who have vested options as of 31st 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 USD 5 Million. The company 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.

Pranav Goel, CEO, Porter said, “Porter’s success and the journey would not have been possible without the relentless support and dedication of our teams. With this program, we wish to take this opportunity to thank and reward the teams for their trust and contribution. We at Porter, believe that our efforts have a disruptive impact in the logistics industry and recognise, cater & 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.”

“At Porter, we wish to build the ultimate human organisation, with a sense of loyalty & high integrity. We firmly believe that all our associates are champions of growth. We take the utmost pride in creating an ecosystem where we all play a key role in creating success for the brand and the society at large. The idea of providing a haven for all our employees continues to be our core value. Porter has always believed in safeguarding the interest of its employees and this step is in line with democratizing wealth creation for them. By enabling an ESOP liquidation program, current and ex-employees can decide on their investments and cash flows with greater freedom” said Rizwan Khan, VP - Human Resources, Porter.

With Porter’s strategic vision, the company is aggressively entering new geographies to ensure they meet the growing demand while seamlessly developing a tech-enabled logistics ecosystem.

 

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