Gig workers to receive Rs. 150 crores in stock options from Urban Company

On Wednesday, Urban Company announced that it will allot Rs. 150 crores in the form of stocks to its Gig Workers. These gig workers comprise plumbers, electricians, cleaners, etc. They will be allotted this amount through a ‘partner stock ownership plan’ (Psop). Raghav Chandra, founder of Urban Company says that this PSOP will be similar Employee Stock Option Plan (ESOP). ESOP is used worldwide to reward employees. When asked how will this allotment be conducted, Raghav Chandra in his statement said: “It will be based on partners' merit and on how long they have been with the company. With these two [factors] in mind, we should be able to draft the structure. The entire process will be rule-based and transparent, with an advisory panel providing overall guidance.”  He also informed that Urban Company has currently selected 15 gig workers to be part of the program. Urban Company aims to allot these shares to thousand of its workers over a span of five to seven years. The company's Board has also granted its approval for this initiative. Currently, this PSOP scheme will only be available to the employees who are employed in India. Last year Unacademy also announced that it will allot shares of their company worth $40 million to the teachers employed in their company.