A third round of ESOP liquidation has been announced by online gaming startup WinZO, giving qualified team members the chance to partially liquidate their vested ESOPs. In 2021, WinZO carried out its first and second ESOP liquidation plans for its current and former teams.
Employees who have worked for WinZO for at least two years are eligible for this liquidation exercise, which is paid for by the business’s current cash reserves. All early-team members and about 25% of the company’s workforce profit from it.
Paavan Nanda and Saumya Singh Rathore founded WinZO, which charges an entry fee for highly competitive multiplayer events and takes a commission on all sales. Mahendra Singh Dhoni was appointed by the company as a brand ambassador (previously shilling Dream 11) in March of last year to capitalize on the rise in fantasy sports players in India. The company also introduced a $20 million game development fund.
With investments from Griffin Gaming Partners, a California-based gaming fund, gaming funds like Makers Fund and Courtside Ventures, and India-based VC Kalaari Capital, the company has raised a total of $100 million through multiple funding rounds.
More than four billion monthly micro-transactions are allegedly facilitated by WinZO, which claims to have more than 130 million registered users.
