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Exclusive: ShareChat adds new ESOP options worth $108 Mn

EntrackrEntrackr · 6m ago
Exclusive: ShareChat adds new ESOP options worth $108 Mn
Medial

Exclusive: ShareChat adds new ESOP options worth $108 Mn The board at ShareChat has approved a special resolution to add 5,83,800 employee stock options to its existing plan, bringing the total ESOP pool to 14,30,100 options. Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has added fresh employee stock option (ESOP) options for its employees as part of its existing ESOP plans. The board at ShareChat has approved a special resolution to add 5,83,800 employee stock options to its existing plan, bringing the total ESOP pool to 14,30,100 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. Every 100 stock options will be converted into one equity share at a later date decided in the agreement. The expansion of the ESOP pool aims to foster employee ownership while attracting, retaining, and motivating talent, the filing further added. As per Fintrackr’s estimates, the newly added ESOPs are worth Rs 2,283 crore or $271 million while the value of the total ESOP pool stood at Rs 5592 crore or $665 million. Notably, these valuations are based on the company's $2 billion valuation. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.2 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. Despite mopping up more than $1 billion, the company wasn’t able to show substantial revenue as of FY23. Struggle in monetization led to a steep fall in valuation which stood at less than $2 billion in the recent bridge round. The firm was valued at $5 billion during its last fundraise in June 2022. However, the firm has recorded a 30% year-on-year growth to Rs 718 crore during the fiscal year FY24. With the reduction in expenses, the adjusted EBITDA loss for the Tencent-backed firm stood at Rs 793 crore in the same period.

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ShareChat adds fresh ESOPs worth $123 Mn

EntrackrEntrackr · 1y ago
ShareChat adds fresh ESOPs worth $123 Mn
Medial

Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has added fresh employee stock option (ESOP) options for its employees under its existing ESOP plans. The development occurred shortly after the announcement of raising $49 million in debt from existing investors. The board at ShareChat has approved a special resolution to add 260,000 employee stock options to its existing plan, bringing the total ESOP pool to 846,300 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. Importantly, every 100 stock options will be converted into one (1) equity share at a later date decided in the agreement. The objective of expanding the ESOP pool is to promote employee ownership as well as to attract, retain, and motivate talents. As per Fintrackr’s estimates, the newly added ESOPs are worth Rs 1,017 crore or $123 million while the value of the total ESOP pool stood at Rs 3,310 crore or $400 million. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.8 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. Despite mopping up close to $2 billion, the company wasn’t able to show substantial revenue as of FY23. Struggle in monetization led to a steep fall in valuation which stood at less than $2 billion in the recent bridge round. The firm was valued at $5 billion during its last fundraise in June 2022. During the last fundraise, it also announced to double the ESOP ownership for all of its current employees. During FY23, ShareChat had to spend nearly Rs 4,000 crore to earn Rs 533 crore in revenue. On a unit level, the firm spent Rs 7.16 to earn a rupee of operating revenue in the last reported fiscal. This was one of the highest expense-to-revenue ratios for a unicorn in FY23.

Exclusive: Fintech unicorn Yubi adds fresh ESOPs worth $26 Mn

EntrackrEntrackr · 1y ago
Exclusive: Fintech unicorn Yubi adds fresh ESOPs worth $26 Mn
Medial

Fintech unicorn Yubi (formerly CredAvenue), which provides loans to businesses, has added fresh employee stock option (ESOP) options for its employees under its existing and new ESOP plans. The board at Yubi has approved a special resolution to add 22,00,000 employee stock options to its new and existing plan, bringing the total ESOP pool to 60,08,920 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. Yubi has added 11,00,000 new stock options to its existing 2022 ESOP plan, bringing the total to 4,908,920 options. The company has introduced a new 2024 ESOP plan with another 11,00,000 options, a separate filing with the RoC shows. The filing further added that expanding the ESOP pool is an attempt to attract and retain talents working with the company. According to TheKredible’s estimates, the newly added ESOP options are worth around $26 million while the company’s total ESOP plan stood at $70 million. Yubi turned unicorn in March 2022 after a $135 million Series B round led by Insight Partners, Dragoneer Investment Group, and B Capital Group. Last year, its valuation touched $1.5 billion after secondary sale. For the uninitiated, Yubi’s platform connects businesses seeking loans with financial institutions and other investors. Its solutions include vendor and dealer financing, and a bonds marketplace that provides access to exclusive primary and secondary bonds. In July, Yubi led a Rs 150 crore debt round for Infra. Market and also participated in a debt round for Auxilo. Entrackr exclusively reported both developments. The Vivriti-backed company almost doubled its revenue to Rs 328 crore in FY23. However, in its pursuit of growth, the firm’s losses spiked more than eight-fold to Rs 482 crore during the same period. The Bengaluru-based firm is yet to file annual financial statements for FY24.

Exclusive: Perfios launches new ESOP plan worth $76 Mn

EntrackrEntrackr · 6m ago
Exclusive: Perfios launches new ESOP plan worth $76 Mn
Medial

Exclusive: Perfios launches new ESOP plan worth $76 Mn The board of Perfios has passed a resolution approving the Perfios ESOP Plan 2025, which will consist of 2,05,764 employee stock options, as per regulatory filings accessed from the Registrar of Companies. SaaS-based B2B fintech firm Perfios has introduced a new employee stock option plan named “Perfios Employee Stock Option Plan 2025-A.” The board of Perfios has passed a resolution approving the Perfios ESOP Plan 2025, which will consist of 2,05,764 employee stock options, as per regulatory filings accessed from the Registrar of Companies. Each ESOP option will be converted into equity shares and will have a total vesting period of four years. According to Fintrackr’s estimates, the newly added ESOP plan is valued at approximately Rs 645 crore (around $76 million). According to startup data intelligence platform TheKredible, Perfios has raised a total of Rs 3,644 crore across multiple funding rounds, including Rs 662 crore ($80 million) from Kedaara Capital in March 2024. This investment pushed Perfios’ valuation beyond $1 billion, making it India’s second unicorn of 2024. The company acquired fraud detection platform CustomerXPS this month in an undisclosed deal and had previously acquired fintech startup Karza Technologies for Rs 600 crore in March 2022. Perfios provides revenue analysis, fraud checks, verification, and automated customer onboarding services to financial institutions in various verticals, including consumer lending, SME lending, and wealth management. The company claims to have a presence in 18 countries and to have powered over 1,200 institutions with its offerings. Perfios has demonstrated strong financial growth, with revenue rising 37% year-on-year to Rs 558 crore in FY24 from Rs 407 crore in FY23. Additionally, the company’s profits surged 9.2X to Rs 72 crore in FY24.

Zomato receives shareholders' nod for new ESOP plan worth $458 Mn

EntrackrEntrackr · 1y ago
Zomato receives shareholders' nod for new ESOP plan worth $458 Mn
Medial

Food tech major Zomato has introduced a new ESOP plan worth $458 million for its employees. The board at Zomato has got the shareholder nod to grant 18,26,27,402 ESOP options under its new plan, bringing the total ESOP pool to 31,07,80,714 options, its regulatory filing accessed through the National Stock Exchange shows. As per Fintrackr’s estimates, the newly added ESOPs are worth Rs 3,800 crore or $458 million while the value of the total ESOP pool stands at Rs 6,609 crore or $796 million. Following the ESOP approval, Zomato also touched its all-time high share price of Rs 209.84 today. With this, the total market cap of the company has increased to Rs 1,84,060 crore or $22.17 billion. According to a separate disclosure, Zomtao has voluntarily withdrawn the application with the Reserve Bank of India for a certificate of registration for undertaking the business of an NBFC as the company does not intend to pursue the lending/ credit business anymore. Earlier this week, Zomato company received a GST demand notice of Rs 9.5 crore. This is the second GST notice for the Gurugram-based firm, following a penalty notice of Rs 184 crore in April this year. The company has shown robust growth in FY24. Zomato’s revenue from operations surged 71% year-on-year to Rs 12,114 crore in FY24 from Rs 7,079 crore in FY22. Moreover, the profits of the company stood at Rs 351 crore in FY24 as compared to a loss of Rs 971 crore in FY23.

Shadowfax adds fresh ESOPs worth $7.3 Mn

EntrackrEntrackr · 1y ago
Shadowfax adds fresh ESOPs worth $7.3 Mn
Medial

Logistics company Shadowfax has added fresh employee stock options (ESOP) for its employees under the existing plan: ESOP 2016. The board has approved the amendment of Shadowfax’s Employee Stock Option Plan 2016 with fresh 20,229 stock options for the company, subsidiaries, and associate entities, its regulatory filing accessed from the Registrar of Companies shows. Every ESOP option will be converted into equity shares, said filings, and as per Fintrackr’s estimates, the newly added ESOP options are worth around Rs 61 crore (approximately $7.3 million). The objective is to attract, encourage, and retain the talent in the management cadre and to enable such employees to participate in the long-term growth of the company. As per the estimates, the total ESOP Plan is worth around Rs 264 crore with 86,033 employee stock options. This comes months after Shadowfax’s $100 million Series E round led by TPG NewQuest. The round also comprised secondary financing. Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It claims to operate 2,000 daily trucks and more than 200 airline lanes to connect over 3,000 last mile hubs. Shadowfax’s network includes 125,000 monthly active delivery partners and 3.5 million registered users. It recently launched its services in Port Blair. With this launch, Shadowfax will expand its network to over 15,000 pincodes and aims to reach 100% pincodes by March 2025. As per startup data intelligence platform TheKredible, Shadowfax registered Rs 1,415.40 crore in revenue from operations in FY23 as compared to Rs 990 crore in FY22. The firm controlled its losses to Rs 141 crore in FY23 from Rs 176 crore in the previous fiscal year. Its audited financial statements for FY24 are yet to be filed.

Zomato to add fresh ESOPs worth $455 Mn

EntrackrEntrackr · 1y ago
Zomato to add fresh ESOPs worth $455 Mn
Medial

Foodtech and quick commerce platform Zomato on Monday announced fresh employee stock option (ESOP) options for its employees under the new plan: ESOP 2024. The board at Zomato has agreed to adopt and implement Zomato’s Employee Stock Option Plan 2024 with fresh 18,26,27,402 stock options for the company, subsidiaries, and associate entities. The resolution is subject to the approval of the shareholders of the company. Every ESOP option will be converted into equity shares, said filings, and as per Fintrackr’s estimates, the newly added ESOP options are worth around Rs 3,780 crore (approximately $455 million). The above calculation is based on Zomato’s peak share price of Rs 207 (as of 3PM, May 13 2024). The objective of expanding the ESOP pool is “to promote the employee ownership and as well as to attract, retain, motivate and incentivize critical talents in the line with corporate growth,” The Gurugram-based company showed robust growth which could be evident from its growth in FY24. Zomato’s revenue from operations surged 71% year-on-year to Rs 12,114 crore in FY24 from Rs 7,079 crore in FY22. Moreover, the profits of the company stood at Rs 351 crore in FY24 as compared to a loss of Rs 971 crore in FY23. Meanwhile, its direct competitor, Swiggy booked Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24. Its revenue and losses stood at Rs 8,265 crore and Rs 4,179 crore, respectively, in FY23.

Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant

EntrackrEntrackr · 2m ago
Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant
Medial

Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant Omnichannel jewellery retailer Bluestone has expanded its existing ESOP plan to $80 million by adding additional employee stock options for its employees. The board at Bluestone has passed a resolution for approval to add 42,43,312 employee stock options to its existing plan, bringing the total ESOP pool to 1,17,27,642 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. According to Entrackr’s estimates, the newly added ESOPs are worth around Rs 245 crore or around $29 million. Out of the newly added stock options, Rs 92.6 crore ($11 million) will be granted to the company’s Chief Operating Officer (COO), Sudeep Nagar. This addition brings the total value of Bluestone’s ESOP pool to Rs 678 crore or around $80 million. Notably, these valuations are based on the company's last funding round, where it raised around Rs 900 crore pre-IPO round led by Prosus, out of which Rs 300 crore is secondary. Ahead of Bluestone’s IPO, Global consumer internet group Prosus values the company at $950 million, just shy of unicorn status ahead of its IPO. Prosus has valued its stake in BlueStone at $42 million, as per its latest annual report. The stake, held through its fund MIH Investments One B.V., represents a 4.43% ownership in the jewellery brand. As per ET report, Bluestone is all set to join the unicorn status with secondary transactions worth Rs 300-350 crore by private wealth management arms of 360 One and Centrum Wealth. This will value the company at $1.2 billion. In December 2024, Bluestone filed its draft red herring prospectus (DRHP) with SEBI for an IPO, comprising a fresh issue of equity shares worth up to Rs 1,000 crore and an offer for sale (OFS) of up to 2.398 crore shares, allowing a full exit for Samma Capital, IvyCap Ventures, and Kalaari Capital. Founded in 2011, omnichannel jewellery brand BlueStone offers high-value gold and diamond jewellery, including rings, pendants, chains, and earrings, through its retail stores and online platform. As per its DRHP, the company operates over 203 stores across 86 cities. BlueStone has raised around $262 million across multiple funding rounds from investors such as Accel, Prosus, Peak XV Partners, 360 One, Kalaari Capital, and others, according to startup data intelligence platform TheKredible. In FY24, BlueStone’s revenue grew 64% year-on-year to Rs 1,266 crore, up from Rs 771 crore in FY23. The company also trimmed its losses by 15% during the same period, bringing them down to Rs 142 crore.

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