ESOP Buyback!

In the 6 years of building ShareChat and Moj, we have had many significant milestones but the one I am sharing today is the most satisfying of them all.

We are doing our first ESOP buyback of upto $19.1 million worth of vested stock options held by both our existing and former teammates.

We are thankful to all our teammates for believing in our vision of building India's largest AI-powered content ecosystem. It gives me immense joy to see a lot of us who joined very early, being rewarded handsomely for the risk they took by joining a young startup.

Over last 3 months, we have also reformed our ESOP policy to make this even more rewarding. We have made the following changes

• The price to exercise a stock option is reduced to Re1
• After the first year cliff (required by the law), vesting happens quarterly and uniformly.
• When someone leaves the company, their vested stock options remain valid with no expiry time constraint.

We are also executing on our commitment of building a top-notch globally distributed organization with our leadership team today spread across India, US and UK.

While attracting such top talent we seek to enable an environment where they can (i) find equally talented peers, (ii) solve interesting problems to create impact at scale and very importantly (iii) create wealth for themselves.

We would continue to do such buybacks in the future.

Lets build! 🔥🔥