Edtech unicorn Unacademy has announced a first-of-its kind stock options for teachers on its platform. The company’s partner educators would be eligible for teachers stock options (TSOPs) after completion of three, four, and five years with the startup.
Similar to employee stock option plans (ESOP), the TSOPs currently cover over 300 educators, according to Gaurav Munjal, founder and CEO of the Unacademy Group.
“On day one (which is today) we already have more than 300 Educators eligible for the Grant which they will get immediately. Over the next few years we will give Grants of over $40 Mn to our Educators,” Munjal added.
Unacademy is the first edtech startup in India to offer stock options to teachers on contract and its partner educators. The TSOP grant will be equivalent to three months of base pay after the completion of five years, two months of base pay after the completion of four years, and one month of base pay for a three-year vintage.
The Unacademy platform currently comprises 4,000+ educators who cater to the learning needs of 600,000+ active subscribers. Started in 2015 by Roman Saini, Hemesh Singh, and Gaurav Munjal as a Youtube channel, today, Unacademy has raised a total funding of $398.5 Mn over 11 rounds.
The startup has acquired 10 companies till date. So far, in 2021, the startup acquired TapChief, Handa ka Fanda, and Rheo TV. Now, the startup is looking to boost its market position in the test prep market.
According to regulatory filings, in January 2021, Unacademy had increased its size of ESOP pool from 36,190 options to 41,026 options.