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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.

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Zomato adds new ESOP worth $39 Mn

EntrackrEntrackr · 9m 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.

Swiggy adds fresh ESOPs worth $52 Mn

EntrackrEntrackr · 2m ago
Swiggy adds fresh ESOPs worth $52 Mn
Medial

Swiggy adds fresh ESOPs worth $52 Mn Food delivery and quick-commerce platform Swiggy Limited on Monday announced fresh employee stock options under its Employee Stock Option Plan 2024 for eligible employees. The Nomination and Remuneration Committee passed a circular resolution to grant 12,896,462 ESOPs (Employee Stock Options) to its employees, according to a disclosure filed by Swiggy with the National Stock Exchange (NSE). As per the filings, each stock option will be converted into an equity share. Based on Swiggy's current market valuation, the newly granted ESOPs are valued at Rs 443.4 crore, or approximately $52 million. The development comes three months after it allotted 2.61 crore shares under various ESOP schemes. The company’s paid-up equity share capital also increased to Rs 2.26 crore from Rs 2.23 crore. Recently, Swiggy invested Rs 1,000 crore in its subsidiary Scootsy Logistics for expansion. Scootsy Logistics contributed 42% of Swiggy’s overall revenue in the previous quarter. Swiggy has yet to file its financial results for the last quarter of the last fiscal year (Q4 FY25). During the Q3 FY25, the company recorded a 31% year-on-year growth to Rs 3,993 crore, compared to Rs 3049 crore in Q3 FY24. In the pursuit of growth, the losses for Swiggy grew 39.2% to Rs 799 crore in the same period. After today's trading session, Swiggy's stock closed at Rs 343.85 per share, bringing its total market capitalization to Rs 78,620 crore (around $9 billion). Amid recent market volatility, the company also hit an all-time low of Rs 306.95 on April 7.

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.

Exclusive: ShareChat adds new ESOP options worth $108 Mn

EntrackrEntrackr · 4m 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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