The employee stock option plan (ESOP) pool at Neobanking platform Jupiter has been increased by Rs 40 crore, or almost $5 million. By doing this, the company has joined a growing group of late-stage and growth businesses that have increased the number of ESOPs they have in the current fiscal year.
The Jupiter Employee Welfare Trust has been granted 21,665 ESOP options, as per the regulatory filing obtained from the Registar of Companies (RoC). The total value of the ESOP is Rs 40.7 crore, with each equity share valued at Rs 18,826.29, including premium.
Jupiter’s final ESOP buyback, valued at $4 million, took place for 21 employees in March 2022. As per the filing, the entire share capital of Jupiter was comprised of 7.89% ESOP pool.
The event occurs at a moment when Jupiter is growing its line of products and has just been granted a wallet license by the Reserve Bank of India (RBI). Additionally, the company secured strategic funding for Amica Finance, its non-banking financial company (NBFC), from its current investor.
Jupiter’s most recent valuation came from a $86 million Series C funding round that took place in December 2021. Thus far, QED Investors, Peak XV, and Matrix Partners have contributed more than $160 million to the cause.
According to the media, Jupiter recorded a loss of Rs 327 crore in FY23 despite generating a total revenue of Rs 56 crore. Jupiter faces competition from companies such as Slice, Niyo, and Fi.
