Stanza Living, which provides fully-managed shared accommodation for students and working professionals, has set up an employee stock option pool worth Rs 35 crore for all eligible employees.
So far, ESOPs were available only to the senior management. Now, they will be extended to all the 1,000-odd permanent employees, including guest relations executives at the Sequoia- backed company’s hostels as well as corporate employees, cofounder Anindya Dutta said. The ESOPs will be handed out over the next couple of months, based on an employee’s tenure and performance. This will be a fresh issuance of shares.
“It’s a testimony to the hard work put in by the team,” Dutta said, adding that the company introduced the policy as employees were keen on investing in the company.
Founded by Dutta and Sandeep Dalmia in 2017, Stanza Living at present has about 65,000 beds in 16 cities of India. The company provides rented accommodation, including services such as housekeeping, meals and maintenance. These properties are targeted at students and young professionals. So far, the company has received funding from investors such as Equity International, Alpha Wave Incubation, Falcon Edge Capital, Sequoia India, Matrix, Accel Partners and Alteria Capital.
Stanza Living raised over $100 million in a funding round last quarter, Dutta said.