Edtech firm Hero Vired today announced that it is rolling out an exclusive ESOPs program for its full-time faculty members and teaching assistants who have completed six months with the company. The program will automatically extend to new faculty members as they meet the stipulated tenure.
At its current growth rate, Hero Vired expects its valuation to increase by 20 times from its current size over the next three to four years, offering a lucrative wealth creation opportunity to its faculty pool. A total of 10 full-time faculties currently have been granted ESOPs worth around 50 lakhs. This is expected to hit a whopping 10 crore in the next three/ four years, it said in a press statement. Depending on individual and company performance, the company will grant fresh ESOPs every year.
The company is also looking at partial buyback or secondary exit in 3-5 years. Hero Vired is also looking at an IPO in 5-6 years.
The company is hiring aggressively and plans to add 50 professionals to its already growing team of 140+ by March 2022. Currently, Hero Vired’s top performers are rewarded with ESOPs and the company plans to extend this benefit to the larger employee base by bringing them all under the program in the near future. The ESOP pool is to the tune of one lakh options, the overall for all employees being 10 percent of the cap table.
Faculty ESOPs program
Akshay Munjal, Founder, and CEO, Hero Vired, said, "We have witnessed phenomenal growth since our launch in April 2021, enabled by our faculty's collective conviction and contribution. The faculty ESOPs program is our way of thanking our faculty and ensuring wealth creation for them. As a learning company focused on live instructor-led sessions, our teaching staff is the backbone of our business. The Hero Vired employee stocks will hit 20x valuation in three years, and as we prepare for our IPO in the next 5-6 years, their valuation will rise further".