Urban Company awards shares worth Rs 5.2 cr to 497 gig workers

Online marketplace for home services Urban company said on Monday that it has awarded shares worth Rs 5.2 crore to 497 service partners under the Share option plan partner (PSOP) program.



Of the total recipients, approximately 30 percent were female service partners from the beauty and wellness industry. Bengaluru had the highest number of partner shareholders with 26 percent, followed by Delhi-NCR with 22 percent, the company said in a statement.

The company announced the PSOP program for its service providers in March where it will award shares worth Rs 150 crore at almost zero cost to thousands of service partners over the next 5-7 years.

“This is just the beginning and we hope that the number will rise to the thousands in the coming years,” said Abhiraj Bhal, co-founder and CEO of Urban Company.

The company has already received approval from the board of directors for the first tranche of Rs 75 crore worth of shares, which will be disbursed in the coming years.

Seven partners, who were part of the first cohort of stock recipients in March, received it again for a second time, due to their consistently high performance, it said.

Urban Company said it has established a fair process for awarding these shares and that the entire process is rule-based and transparent, with an advisory panel providing full guidance.

According to the recently released ‘H1 2022 UC earnings Index’, the top 20 percent of UC partners earned an average of about Rs 38,000 per month.

All Urban Company partners have health insurance of Rs 1 lakh, with up to 12 free medical consultations per year for themselves.

The top performing partners (nearly 5,000 service partners) also have family health insurance worth Rs 2 lakh.

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