back Back

Phonepe allots USD 200 million worth stock to employees

By Edil Corneille

February 09, 2021

  • India
  • Phonepe
Share

PhonePe, stock, employee, billion, digital, paymentsBengaluru-based PhonePe, a FinTech company, in January 2021 earmarked stock options worth USD 200 million for its 2,200 employees. The announcement comes after Flipkart had announced in December 2020 the partial spin-off of PhonePe, as the digital payment firm had raised USD 700 million in funding, valuing the FinTech company at USD 5.5 billion.

“In January 2021, we launched the PhonePe Stock Option Plan that gives every PhonePe employee the chance to own a part of the company. The $200 mn plan allotted stock options to all 2,200 employees at PhonePe, enabling everyone in the organisation to benefit from its success,” PhonePe HR Head Manmeet Sandhu said.

“The PhonePe stock option plan is a core component of our compensation philosophy crafted to encourage collaboration, long-term focus and organisation-first thinking,” Sandhu added.

The company stated that it is focused on building a culture that eliminates internal competition and promotes an abundance mentality.

Sandhu went on to say, “Our compensation system aligns with this approach by removing variable pay based on individual performance for most roles. Instead, we use ESOPs to create the incentive for everyone to be invested in long-term organisational growth. By having ESOPs at a minimum of $5,000 for all levels, we enable every employee in the organisation to participate in the wealth generation opportunity that they themselves have helped create. We offer an informal environment, transparency and a flat organization structure, that enables everyone to focus on learning and delivering great results.”

PhonePe explained in a blog post that as roles become more senior, ESOPs become part of the annual reparation for employees. This means a larger component of the employee’s compensation is tied to the organisation’s success, thereby encouraging everyone to put the organisation first.

Previous Article

February 09, 2021

Indian tech company ValueLabs announces Bitcoin Linked Options

Read More
Next Article

February 09, 2021

Open banking platform Tink joins Temenos’ MarketPlace

Read More













IBSi Daily News Analysis

data, AI

September 21, 2023

India

Why is AI/ML causing “tech anxiety” to the retail sector?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Currencies Direct unveils multi-currency debit card with Transact Payments

Read More

Today

Lloyds & Fiserv team up to offer on wholesale FX rates to merchants

Read More

Today

Saxo Bank announces open banking partnership with Mastercard

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q2 2023

£1,500.00 / year

Know More
Testing & QA for NextGen Bank Tech Q3 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q2 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023