Furniture player Urban Ladder is joining the ESOP bandwagon and is set to offer ESOPs in order to attract senior-level talent, as per the MCA documents filed by the company.
As per the documents, in order to “attract senior-level employees” and to conserve the immediate cash requirements for remunerating them, the board has sought approval from shareholders to give authority to the ESOP committee of the board to “grant options exceeding 1% of the issued capital of the company” to identified employees.
The move comes a few months after Urban Ladder received a Single Brand Retail Trade (SBRT) licence from the Department of Industrial Policy & Promotion (DIPP). Urban Ladder had applied for the single brand licence in September last year when it announced a shift in its business model from online retail to becoming a furniture brand. The company also launched its first experience centre in Bengaluru last year, which was to be converted into an offline retail store.
The Urban Ladder team now aims to be profitable in the next 18 to 20 months and file an IPO within three years. It currently offers over 4,000 products across various furniture categories including wardrobes, beds, sofas, dining tables and coffee tables.
(Source: www.inc42.com)
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