{
  "id": 19593651,
  "title": "GoKwik’s ESOP Twist, New CEO At Unacademy & More",
  "url": "https://urgent.news/2026/11/12/gokwiks-esop-twist-new-ceo-at-unacademy-more",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-12T02:30:11.000Z",
  "source": {
    "name": "Inc42",
    "slug": "inc42",
    "url": "https://inc42.com/buzz/gokwiks-esop-twist-new-ceo-at-unacademy-more/"
  },
  "original_language": "en",
  "account": "GoKwik, the startup, has introduced a controversial amendment to its ESOP policy. The policy restricts current and former employees from joining any of GoKwik's nine rivals or advising/investing in them without forfeiting their vested options. This restriction applies to previously issued grants and extends for two years after an employee's departure. Many GoKwik employees are now facing a difficult choice between career mobility and potential loss of wealth due to this policy. The move has raised legal concerns, as non-compete clauses are uncommon in Indian employment agreements and could face scrutiny if used to penalize employees for joining a competitor. Meanwhile, Unacademy is set to undergo a leadership change, with CEO Gaurav Munjal stepping down and transitioning to an executive chairman role while Chief Business Officer Akhilendra Kumar will take over as CEO. The edtech platform has been struggling with monetisation issues and ballooning losses since schools reopened post-pandemic. Meanwhile, furniture rental company Rentomojo reported a significant drop in profits due to a deferred tax expense and rising expenses. The company expanded its network to 96 stores and saw a 43% YoY growth in its live subscriber base. Cult.fit's trademark dispute continues, with the Madras High Court directing the gym chain to file its response in a petition seeking the cancellation of the CULT trademark held by one of its subsidiaries. The matter is scheduled for a hearing on December 2. The gym chain could also face SEBI scrutiny for previously acknowledging the incorrect description of CULT trademarks in its DRHP. The Indian government has banned the export of 'black mass', a mineral-rich product of recycled EV batteries. The restriction is set to take effect immediately on all outbound shipments of the battery waste material, which contains valuable metals like lithium, cobalt, and nickel. Finally, the recently concluded Diwali festive season saw weak consumer demand and rising prices, leading to a decline in sales volumes for mobile phone retailers. However, overall sales value remained relatively stable due to higher average selling prices. The sub-₹20,000 segment was particularly impacted by a shortage of fresh, competitive 5G models from leading brands, while financing constraints also emerged as a challenge during the festive season.",
  "summary": "GoKwik’s Golden Handcuffs GoKwik has added a contentious twist to its ESOP policy. Under the new rules, current and former…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}