The B2B firm has increased its stock options by pouring 4.77 crore INR and has allotted 917 equity shares to its 24 employees under the ESOP policy. The founders of Zetwerk (1), Rahul Sharma, and Vishal are the biggest beneficiaries of the latest distribution. Each of the founders has received 269 equity shares that are collectively worth 2.8 crore INR.
The development related to ESOP expansion of the Bengaluru-based firm came after two months of securing 20.8 million USD or 156.4 crore INR in it a Series C funding round in July. The funding came from its existing investors Accel Partners and Greenoaks Capital. At the time of fundraising, the company was valued at 242.6 million USD or approximately 1,820 crore INR.
The WMall (2), social plus video commerce platform, based in Bengaluru, also adopted an ESOP policy. The new policy is worth about 16.4 crore INR. The company has passed a special resolution to approve and adopt the WMall Employee Stock Option Plan 2020. Under the scheme, the company has granted 1667 equity shares to its employees.
ESOP Expansion is a Good Sign For Startup Ecosystem of India
Zetwerk is an online B2B marketplace for manufacturing jobs. It connects large manufacturing companies with vendors and suppliers for customized products that include industrial machines and equipment. Both buyers and suppliers can collaborate to streamline their communications and execution tools to fill the orders quickly.
WMall is a B2C social commerce platform that helps underrepresented online users such as women in Tier-2 & Tier-3 cities. The company offers to sell products to consumers on social media, including WhatsApp and YouTube. It also gives users a social buying experience on its app with a combination of video and text. It essentially leverages social media platforms to push third party products in Gujarati and Hindi.
The ESOP expansion by early-stage startups is an excellent mark for the Indian startup ecosystem. Recently, Shuttl and ShareChat have also expanded their ESOP policies.