Tide launches ESOP secondary sale programme after an oversubscribed Series C round
Tide, which began operations in India in 2020, recently facilitated the secondary sale of Employee Stock Ownership Plan (ESOPs) to investors for its employees following its recent Series C funding, due to oversubscription. About 50% of all permanent employees have been allotted ESOPs at various levels across all departments.
Earlier in July 2021, Tide raised more than $100 million in Series C funding, which brought the company’s total funding to date to over $200 million. Tide’s post money value is now over $650 million, after only four years of operation. The last funding round was led by Apax Digital, the growth equity team of Apax Partners. Existing investors, including Anthemis, Augmentum, Jigsaw, Local Globe/Latitude, SBI and Speed Invest also participated in the round.
Liza Haskell, Chief Administrative Officer, Tide, said due to their oversubscribed Series C round, the company had enough investor interest to give Tideans (employees) an opportunity to sell a portion of their vested shares to investors.
“These shares were across all departments but varied by levels in each division. Considering the complex nature of the secondary share sale programme, Tide held in-depth training to help employees assess the options available to them. Tide also covered the financial advisor and processing fees for those who chose to sell their vested shares,” Haskell said. “At Tide, we believe in the value of working as one team, and strive to be an employer of choice. Tide has been offering ESOPs to many employees since inception as this ensures we share in the success of our combined hard work to get us where we are today. Especially during COVID times, it is one of the best ways to keep employees motivated, engaged and living by the #oneteam value.”
Also Read: Depleting coal reserves creates panic, central ministers to hold meeting
Earlier this year, Tide announced that it will create over 1,000 jobs in India in the next five years. These positions will be across a wide variety of roles, including product development, software development, marketing, risk and compliance, and member support. Tide already has more than 300 highly skilled employees in India with most based in its Hyderabad technology center. Tide is building a robust team in India, creating a pool of talented colleagues that will help build the business, scale operations and further Tide’s desire to unleash the true potential of Indian SMEs by helping them save time and money in running of their businesses.
Pingback: Blocks, the size of three-story buildings, of lava flowed down the volcano.