Mobility startup and smart parking pioneer Get My Parking (GMP) announced a partial secondary sale for the vested ESOPs of current as well as former employees as part of the recently completed fundraise of $6 million led by IvyCap Ventures and existing investor IAN Fund.
More than 80 percent members of the organisation who have vested employee stock ownership plans (ESOPs) were eligible for the sale. Get My Parking allowed employees to sell up to 40 percent of their vested ESOPs.
As Get My Parking continues to expand across the world, ESOPs provide a great way for employees to benefit from the company’s wealth creation journey. Owning ESOPs also aligns the employees’ incentives with the company’s, providing them with a shared goal to work towards, the company said in a press release.
Chirag Jain, CEO, Get My Parking, said, “We owe our success and growth to our team. There is no bigger satisfaction as an entrepreneur than to see our team members getting rewarded as we continue to scale up and create more value.”
