🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

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 According to a separate disclosure, Zomtao has voluntarily withdrawn the application with the Reserve Bank of India for a certificate of registration for undertaking the business of an NBFC as the company does not intend to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.

Related News

Zomato adds new ESOP worth $39 Mn

EntrackrEntrackr · 10m ago
Zomato adds new ESOP worth $39 Mn
Medial

Food tech major Zomato has introduced a new ESOP plan worth Rs 328 crore (approximately $39.5 million) under the Foodie Bay Employee Stock Option Plan 2014. The board at Zomato has received the board approval to grant 1,19,97,768 ESOP options under its Foodie Bay Employee Stock Option Plan 2014, its regulatory filing accessed through the National Stock Exchange shows. This development follows three months after Zomato received shareholder approval for a new ESOP plan valued at $458 million. At that point, the total value of Zomato’s ESOPs was $796 million. During the first quarter of the ongoing fiscal year, Zomato reported 4,206 crore of revenue, registering an 18.1% quarter-on-quarter growth with the profits standing at Rs 253 crore in the same period. The company is currently trading at Rs 276 crore (as of 04th Oct 2024 11.50 AM) with a total market capitalization of Rs 2,44,000 crore or $29 billion. Zomato’s arch-rival, Swiggy is also preparing for its public market debut. The Bengaluru-based company filed its draft IPO papers to raise Rs 3,500 crore via a fresh issue. Among the public companies, Policybazaar’s parent PB Fintech, Nykaa and TBO Tek also increased their ESOP pool in 2024. Meanwhile, Zomato is seeing major shifts in its leadership following the recent departure of Akriti Chopra, its co-founder and Chief People Officer. She joins other former co-founders, such as Pankaj Chaddah, Gaurav Gupta, Mohit Gupta, and Gunjan Patidar, who have also recently exited the company.

Exclusive: PB Fintech adds new ESOP worth near Rs 2,000 Cr

EntrackrEntrackr · 1y ago
Exclusive: PB Fintech adds new ESOP worth near Rs 2,000 Cr
Medial

Policybazaar and Paisabazaar’s parent PB Fintech has introduced a new ESOP plan worth Rs 1,931 crore (approximately $233 million) under PB Fintech Limited Employees Stock Option Scheme 2024. The board at PB Fintech has passed a resolution to grant 1,14,00,000 employee stock options to its staff, directors and subsidiaries, its regulatory filing accessed from the National Stock Exchange shows. The employee stock under ESOP plan 2024 will be vested after 4 years from the date of granting. According to Entrackr estimates, the new ESOP plan is worth Rs 1,931 crore or $233 million. The above-passed resolution is subject to shareholders approval. PB Fintech has posted Rs 1,010 crore of revenue during the first quarter of the ongoing fiscal year with a steady profit that stood at Rs 60 crore. The firm also showcased robust financial growth with a 34.4% year-on-year revenue increase to Rs 3,438 crore in FY24. Meanwhile, it also turned profitable with Rs 64 crore in the last fiscal year. The ESOP approval was followed by impressive growth in the share price. The firm touched its 52-week high share price of Rs 1,763 on August 20. The company is currently trading at 1,694 (as of 15.37 today) with a total market capitalization of Rs 77,252 crore ($9.3 billion). Last month, the food tech major Zomato also received a shareholder’s nod for its new ESOP plan worth Rs 3,800 crore or $458 million, tallying its total ESOP pool worth $788 million. Among the public companies, Nykaa and TBO Tek also increased their ESOP pool in 2024.

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: 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: 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.

Download the medial app to read full posts, comements and news.