Under its current and new ESOP plans, fintech unicorn Yubi (formerly CredAvenue), which offers loans to businesses, has given its employees additional options for employee stock options (ESOPs).
According to Yubi’s regulatory filing, which can be accessed through the Registrar of Companies (RoC), the board approved a special resolution to add 22,00,000 employee stock options to its new and existing plan, increasing the total ESOP pool to 60,08,920 options.
Yubi has increased the number of stock options in its 2022 ESOP plan by 11,00,000, making a total of 4,908,920 options. An additional 11,00,000 options are included in the company’s newly introduced 2024 ESOP plan, according to a separate filing with the RoC.
According to the filing, the company is making an effort to draw in and keep talented employees by broadening the pool of ESOPs. While the company’s entire ESOP plan was valued at $70 million, estimates in the media place the value of the recently added ESOP options at approximately $26 million.
Insight Partners, Dragoneer Investment Group, and B Capital Group led a $135 million Series B round that saw Yubi become a unicorn in March 2022. Its valuation after a secondary sale last year approached $1.5 billion.
In brief, Yubi’s platform facilitates the connection between loan-seeking businesses and investors and financial institutions. A marketplace for bonds that gives access to unique primary and secondary bonds is one of its solutions, along with vendor and dealer financing.
