Zomato donates $90 mn of vested ESOPs for education of delivery partners' children
Zomato's founder and CEO Deepinder Goyal has announced to donate around USD 90 million from vested ESOPs to Zomato Future Foundation in order to help fund the education of children of its delivery partners.
Goyal, in an internal memo shared with the employees of the online food delivery platform, said he was granted some ESOPs (Employee Stock Ownership Plan) by the investors and board based on his past performance and some of the ESOPs vested last month because there is a minimum one year vesting required as per law.
"At the average share price over the last month, these ESOPs are worth (around) USD 90 million (around ₹700 crore)," he said.
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"I am donating all the proceeds from these ESOPs (net of taxes) towards the Zomato Future Foundation (ZFF). The ZFF will cover the education of up to two children of all Zomato delivery partners, up to Rs 50,000 per child per annum on actuals (above a certain service quality benchmark) who have been on our fleet for more than five years," Goyal added.
The Zomato CEO further added that the amount will go up to Rs 1 lakh per child per annum if the delivery partner completes 10 years with the company.
He also mentioned that "Service thresholds of 5/10 years will be lower for women delivery partners. We will also have special programmes for girl children and introduce 'prize money' if a girl completes 12th grade, as well as her graduation."
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-PTC News
