SoftBank-backed global hotel chain OYO‘s board has approved a proposal to add 2,000 stock options to its Employee Stock Option Plan (ESOP), in order to keep employees motivated and helping them enjoy the benefits of the hotel chain’s tremendous growth.
“The approval and consent of company members be and is hereby accorded for increasing the employee stock option pool of the company by adding 2,000 stock options from the present limit of 6,893 stock options of the company, which upon exercise shall become an aggregate of 8,893 shares,” according to a resolution passed by the OYO board on October 3.
Talking about the addition of stock options, OYO spokesperson, said, “We introduced the ESOP plan for OYOpreneurs in July 2018 and keeping in mind our growth trajectory, have strengthened the existing ESOP pool by adding more options to it.”
The global hotel chain founded in 2013 by Ritesh Agarwal, already has a presence in over 500 cities, with more than 10,000 asset partners spread across the five countries. It has grown at a remarkable rate, with more than 250,000 franchised and leased rooms as part of the hotel chain.
In September 2018, OYO raised $1 billion from SoftBank, to boost global expansion and strengthen leadership.
Over the last 12 months, OYO has expanded presence across China, Malaysia, Nepal, UK, UAE, and Indonesia.
In October 2018, it was reported that OYO is set to enter Japan’s hospitality industry, pilots in Tokyo.
In India, the Gurugram-based hospitality startup OYO has forayed into housing rental with ‘Oyo Living’, offering co-living spaces to professionals.