Intra-City Logistics Company Porter Begins Liquidation of $5M ESOP
On-demand logistics company recently announced its first Employee share ownership plan (ESOP) worth monetization program $5 million for its eligible current and former employees.
The liquidation opportunity should benefit both current and former employees, providing opportunities for wealth creation, the statement said.
All employees who have vested options by December 31, 2021 will be eligible to participate in this program and sell a portion of their vested shares immediately. Eligible employees can liquidate their vested units up to a total of $5 million. The company plans to undertake a fair distribution of benefits, with the number of options to be pro-rated so that each eligible employee benefits from the plan.
Porter team file photo (Image credit: Porter Facebook page)
Speaking on the liquidation program, Pranav Goel, CEO, Porter noted,
“Porter’s success and journey would not have been possible without the unwavering support and dedication of our teams. With this program, we want to take this opportunity to thank and reward the teams for their trust and contribution. At Porter, we believe our efforts have a disruptive impact on the logistics industry and recognize, respond to and resolve demand and supply chain gaps. Additionally, Porter is not just a business opportunity, but a way to positively impact everyone who joins us on this journey. The program will provide our former and current employees with an opportunity for wealth creation.
Porter claims to be a one-of-a-kind logistics model that is 100% asset light and has a negative working capital cycle, according to the founders.
The startup, which started with two vehicles in August 2014, is now present in over 13 cities across India, with over 50 lakh customers and over two lakh owner-drivers on board.