Hero Vired, the EdTech arm of the Hero Group, is rolling out an exclusive ESOPs program for its full-time faculty members and teaching assistants who have completed six months with the company. The program will automatically extend to new faculty members as they meet the stipulated tenure.
Hero Vired expects its valuation to increase by 20 times from its current size over the next three to four years, offering a wealth creation opportunity to its faculty pool. A total of 10 full-time faculties currently have been granted ESOPs worth around Rs 50 lakhs. This is expected to hit a whopping Rs 10 Cr in the next three/ four years. Depending on individual and company performance, the company will grant fresh ESOPs every year. The company is also looking at partial buyback or secondary exit in 3-5 years. Hero Vired is also looking at an IPO in 5-6 years, another first move for the company.
The company is hiring aggressively and plans to add 50 professionals to its already growing team of 140+ by March 2022. Currently, Hero Vired’s top performers are rewarded with ESOPs and the company plans to extend this benefit to the larger employee base by bringing them all under the program in the near future. The ESOP pool is to the tune of one lakh options, the overall for all employees being 10% of the cap table.
Akshay Munjal, Founder, and CEO, Hero Vired, said, “Our ESOPs program is our dynamic approach to attracting, rewarding, and retaining top talent. The Hero Vired employee stocks will hit 20x valuation in three years, and as we prepare for our IPO in the next 5-6 years, their valuation will rise further”.
Hero Vired currently has a total of 66 part-time and full-time faculty members for its programs in Full Stack Development, Data Science, Machine Learning & Artificial Intelligence, Finance & Financial Technologies and Gaming.
Additionally, the company will also strengthen its team across Learning Excellence (Content, Faculty, and Delivery), Technology, Product, Marketing, Enterprise & Consumer Sales, and People & Culture. Hero Vired plans to hire talent in India and potentially in other countries in 2022.