Jupiter, a neobanking platform, has increased its employee stock option plan (ESOP) pool by Rs 40 crore, approximately $5 million. This move aligns Jupiter with several other growth and late-stage companies that have expanded their ESOP pools this year.
The company’s recent regulatory filing with the Registrar of Companies (RoC) reveals that 21,665 ESOP options have been approved for issuance to the “Jupiter Employee Welfare Trust.” Each equity share has been valued at Rs 18,826.29, including the premium, bringing the total ESOP value to Rs 40.7 crore.
In March 2022, Jupiter conducted its last ESOP buyback, amounting to $4 million for 21 employees. The filing also indicates that the total ESOP pool represents 7.89% of the company’s total share capital.
This expansion comes as Jupiter broadens its product offerings and recently acquired a wallet license from the Reserve Bank of India (RBI). Additionally, the company secured strategic funding from existing investors for its non-banking financial company (NBFC) subsidiary, Amica Finance, as reported exclusively by Entrackr in June.
Jupiter was valued at around $710 million during an $86 million Series C funding round in December 2021. The company has raised over $160 million to date, with investors including QED Investors, Peak XV, and Matrix Partners, among others.
According to data, Jupiter generated a total revenue of Rs 56 crore in FY23, but reported a loss of Rs 327 crore. The company competes with other players like Niyo, Slice, and Fi.
