Bangalore: classplusA mobile platform for coaching institutes, teachers and content creators to launch their learning apps, has completed the first buyback of shares issued to employees under its Employee Stock Ownership Scheme (ESOP).

ClassPlus said in a statement on Tuesday that all employees who have completed vesting periods under the ESOP program were allowed to liquidate up to 100% of their stake by selling shares back to the company. It said more than 30 employees participated in the buyback program with an ESOP realization pool of $1 million.

The company will use the repurchased shares to pay referral bonuses to employees. “This is the first time a startup is offering stock options or the ClassPlus term ‘ReSOPs’ as a referral bonus to its employees, which refer successfully hired candidates,” the statement said. ”

ClassPlus raised $65 million in June in a Series C funding round led by Tiger Global. GSV Ventures participated in the round along with existing investors Alpha Wave Incubation, Bloom Ventures and RTP Global. Investors in the startup include Sequoia Capital’s Surge and Times Internet, which were among its early backers. Times Internet is part of Bennett, Coleman & Company Limited, which publishes The Economic Times.

Another edtech major, Unacademyhandjob
Recently ESOPs were offered For teachers on your platform.