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Netcore Cloud Proposes 8 Million US Dollar ESOP Liquidation Programme

Wednesday, 24 November 2021, 04:02 Hrs

Netcore Cloud, which is a marketing technology company, has said that it has undertaken a USD 8 million (about Rs 59.5 crore) ESOP Liquidation Programme (ELP) for its staff. The company has concluded total 2 ELPs so far, with the previous one being in 2019.

The most recent one was during Diwali earlier this month, when over 250 employees were eligible, a statement said.

This second edition of ELP saw a 60 per cent higher value per share than the first one, it added.

Presently, 48 per cent of Netcore's employees are part of the company's ESOP, which includes employees across all levels, it said.

"With the reinfusion of the cash-settled ESOP, the company has ensured 25 per cent of Netcore Cloud holding remains with employees for wealth creation, a number that has stayed constant over the years," it added.

The scheme has been instrumental in enabling the organization to attract, encourage, retain and motivate employees, the company said.

"We have witnessed phenomenal growth trajectory, especially in the last three years at 35-40 per cent year-on-year. This success wouldn't be possible without the collective conviction and contribution of every Netcorian.

"We have always believed in our employees' wealth and value creation, and the ESOPs liquidation scheme is one more step towards that," Netcore Cloud Chief Human Resource Officer Bhavana Jain said.

Jain added the company's ESOPs has resulted in 400X value appreciation for Netcorians.

"As we prepare for an IPO in the next 18 months, our employees will be able to reap USD 100 million as part of the ESOPs ," Jain said.

Netcore Cloud had recently announced its plans to hire over 800 professionals to add to its already growing team of over 700 people in India and global markets by 2022.

The company will be strengthening its team across various departments - engineering, product, pre-sales and sales, marketing, R&D, customer success and geographic expansion.

Headquartered in Mumbai, Netcore has 11 offices across the US, Singapore, Malaysia, Nigeria, Indonesia, the UAE, the UK and Germany.

It serves over 5,000 customers globally and delivers more than 12 billion emails and tracks 100 billion-plus marketing events every month.