Co-living operator Stanza Living would be offering ESOPs (employee stock ownership plans) to its over 800 employees. The company also announced that it has allocated ₹35 crore towards it.
The initiative will include employees across its network, including corporate teams and ground-operations staff.
Anindya Dutta, managing director and co-founder of Stanza Living, said, "Over the past few years, we have established ourselves as the leading player in the managed accommodation sector. As we grow, we want to recognise and reward every employee across the organization who has contributed to our journey."
A company release issued on Thursday also noted that Stanza Living plans to create an ESOP-linked rewards and recognitions programme from the pool.
“We are establishing a tradition of recognising exemplary employees for their hardwork and commitment through a top-up ESOP plan, beyond their compensation increments,” Dutta said.
"With the additional allocation, they will have the opportunity to strengthen their shareholding in the company and continue growing with us," he added.
The company was launched in 2017 and since then, it has scaled from 100 beds to close to 65,000 beds across 16 cities.
The company is backed by marquee global investors like Equity International, Alpha Wave Incubation, Falcon Edge Capital, Sequoia India, Matrix, Accel Partners and Alteria Capital. Last year, it raised over $170 million in capital.
"Despite the headwinds of the pandemic, the company continued to hold course and grow a portfolio of business vertials, including student housing, coliving for working professionals, third-party hostel facility management and more," Stanza Living said in the press release.
The co-living segment was hard hit due to the pandemic because of the closure of educational institutions and adoption of work from home policy by corporates.
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