to $700 million of liquidity from Flipkart and PhonePe's 2022 split. Excluding this outlier, the value of liquidity programmes in 2023 was only $125 million, reflecting the continued weakness in the primary markets due to a prolonged funding winter. Esops grant company shares to employees based on the length of their employment as a part of their compensation package. Shares vest over a period, usually around four years.
These incentives are given to employees for taking the risk of joining the company in its early stages and to align every employee's motivation with the company's growth.
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