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Exclusive: Peak XV-backed Jupiter expands ESOP pool

EntrackrEntrackr · 11m ago
Exclusive: Peak XV-backed Jupiter expands ESOP pool
Medial

Neobanking platform Jupiter has expanded its employee stock option plan (ESOP) pool by Rs 40 crore (nearly $5 million). With this, the firm has joined a host of growth and late-stage companies which have expanded their ESOP pool in the ongoing calendar year. Jupiter has approved the issuance of 21,665 ESOP options to the “Jupiter Employee Welfare Trust, its regulatory filing accessed from the Registar of Companies (RoC) shows. Each equity share is priced at Rs 18,826.29, including premium, making the total ESOP worth Rs 40.7 crore. In March 2022, Jupiter had its last ESOP buyback worth $4 million for 21 employees. According to the filing, Jupiter’s total ESOP pool formed 7.89% of the total share capital. The development comes at a time when Jupiter is expanding its product portfolio and it recently received wallet licence from the Reserve Bank of India (RBI). The firm also scooped up strategic funding from its existing investor for its non-banking financial (NBFC) business Amica Finance. Entrackr had exclusively reported the development in June. Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners among others. As per startup data intelligence platform TheKredible, Jupiter achieved a total revenue of Rs 56 crore but reported a loss of Rs 327 crore in FY23. Jupiter competes with the likes of Niyo, Slice, and Fi among others.

Ninjacart expands ESOP pool to $55 Mn

EntrackrEntrackr · 4m ago
Ninjacart expands ESOP pool to $55 Mn
Medial

Ninjacart, a B2B agritech firm, has expanded its existing ESOP plan, 63Ideas Infolabs Private Limited ESOP Plan-2023, by granting additional employee stock options to its employees. The board at Ninjacart has approved a special resolution to add 2,397 employee stock options to its existing plan, bringing the total ESOP pool to 8,919 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. The ESOP pool expansion aims to enhance employee ownership and extend welfare opportunities to a broader group of employees, the filing further added. As per Fintrackr’s estimates, the newly added ESOPs are worth around Rs 127 crore or $15 million while the value of the total ESOP pool stood at Rs 472 crore or $55 million. Notably, these valuations are based on the company's last funding round. Ninjacart is a marketplace that connects farmers, traders, and retailers, using technology to address supply chain challenges. Its approach includes targeted solutions like Ninja Mandi for traders and Ninja Kisaan for farmers. Ninjacart has secured over $400 million in funding from investors such as Tiger Global, Walmart, Accel, Tanglin Ventures, and others. The ten-year-old startup, considered a soonicorn, was last valued at approximately $815 million. Notably, the company has not raised any funds in the past three years. In terms of valuation, it competes with DeHaat, Absolute, and Wacool which have been valued at around $500 million, $500 million, and $460 million, respectively. Ninjacart has recorded a 74% year-on-year growth in its gross revenue, which increased to Rs 2002 crore in FY24 from Rs 1,153 crore in FY23. According to the company, it reported a 20% reduction in adjusted losses which came down to Rs 260 crore in FY24 from Rs 326 crore in FY23.

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