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DMI Finance expands ESOP pool to $105 Mn

EntrackrEntrackr · 1m ago
DMI Finance expands ESOP pool to $105 Mn
Medial

Digital lending company DMI Finance has expanded its existing ESOP plan, DMI ESOP Plan 2018- Extended, by granting additional employee stock options to its employees. The board at DMI Finance has passed a special resolution to add 1,18,29,695 employee stock options to its existing plan, bringing the total ESOP pool to 3,44,29,695 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. As per Entrackr’s estimates, the newly added ESOPs are worth around Rs 306.6 crore or $36 million, while the value of the total ESOP pool stood at Rs 892 crore or $105 million. Notably, these valuations are based on the company's last funding round, where it raised $400 million through a mix of primary and secondary transactions, led by Japan’s MUFG Bank. In addition to ESOP pool expansion, DMI Finance also appointed Arjun Malhotra and Tammir Amr as Independent Directors of the company. Founded in 2008 by Shivashish Chatterjee and Yuvraja C Singh, DMI Finance is a digital lender offering consumption, personal, and MSME loans. It partners with leading platforms like Samsung, Google Pay, and Airtel to deliver embedded financial products to customers across India. In October 2024, the RBI barred four NBFCs, including DMI Finance, from sanctioning and disbursing loans due to non-compliance with pricing regulations, citing excessive lending rates and interest spreads. The restriction was lifted in January 2025. While it is yet to disclose its FY25 numbers, DMI Finance reported over 60% year-on-year growth in operating revenue to Rs 2,654 crore in FY24 as compared to FY23, along with a profit of Rs 397 crore during the same period.

Ninjacart expands ESOP pool to $55 Mn

EntrackrEntrackr · 3m 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.

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.

Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool

EntrackrEntrackr · 4m ago
Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool
Medial

Exclusive: Curefoods gets Landmark Group backing, expands ESOP pool Cloud kitchen startup Curefoods is raising Rs 37 crore (around $4.4 million) from Landmark Group. The funding comes just a month after Curefoods acquired Krispy Kreme’s South and West India operations from the same group. The board at Curefoods has passed a special resolution to issue 3,458 compulsory convertible preference shares at an issue price of Rs 1,07,526 each to raise Rs 37 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The Landmark Group is reportedly to invest an undisclosed amount in Curefood in its $40 million round of fundraising. After the latest funding, Landmark Group will retain a 0.96% stake in the company, which could increase with additional investments. Entrackr estimates the firm's post-allotment valuation at around $460 million. Curefoods has also increased its ESOP pool size by adding fresh 10,613 employee stock options worth Rs 114 crore or $13.5 million, the separate resolution shows. According to Entrackr’s estimates, Curefood’s total ESOP plan is now valued at approximately Rs 213 crore or 25 million, encompassing 19,842 employee stock options. Launched in 2020, Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox, and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. The company also acquired two brands – YumLane Pizza and Millet Express in 2023. Curefoods grew at a rapid clip with a 53% year-on-year growth in its revenue to Rs 585 crore in FY24 from Rs 382 crore in FY23. According to its annual report, the sharp decline in advertising costs helped Curefoods to control its losses by 50% to Rs 172.6 crore in the same period.

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