Monday, 5 August 2024, Bengaluru, India
Jupiter is a Neo-banking platform offering that expanded its Employee Stock Option Plan by adding new Employee stock options to its existing employee stock options. These newly allocated shares are worth around 5 million USD. The company offers banking services such as money transfers, savings accounts, and cash withdrawals. The startup offers a digital platform to allow users to monitor their transactions and maintain the record properly.
The company mentioned in a regulatory filing that the board members passed a resolution to issue 21,665 employee stock options in its existing Jupiter Employee Welfare Trust to increase the total employee stock option plan pool. The fintech unicorn added these new stock options to its existing Employee Stock Option Scheme with an issue price of Rs 18,826.29 per equity share including premium. This makes the total options to be worth around Rs 40.7 crore. The ESOP pool size is expanded by the startup for its employees to gain new employees, hire new talents, and enhance productivity.
Jupiter provides an online platform that aims to strengthen the banking market and transform the financial landscape while building a transparent and secure ecosystem for everyone. The development came after the company expanded its product portfolio. The startup recently received its wallet license from the Reserve Bank of India and raised funds from its existing investors for its non-banking financial arm, Amica Finance. The company has raised $160 million to date, including $2.4 million raised from Peak XV partners during its maiden equity funding round with the participation of Peak XV Partners, BEE Accelerate, Tiger Global, and QED fund. The company had a last valuation of around 710 million USD during its series C round of $86 million.
The neo-banking platform reported a revenue of Rs 56 crore in FY23. However, the losses also were around Rs 327 crore in the same duration. The board approved granting these stock options to those under the Jupiter employee stock option scheme. The neo-banking platform previously had its ESOP buyback of 4 million USD for its 21 employees. The company’s filing mentioned that Jupiter’s total employee stock option plan pool size accounted for 7.89 percent of the total shares. Many startups announced their ESOP buyback programs including Paytm, Delhivery, and Purplle. The company faces competition from other platforms in the same segment including Nyo and Slice.
Conclusion:
Jupiter announced the allocation of a new employee stock option Plan to its existing ESOP pool. These newly allocated stock options are worth around 5 million USD. The neo-banking startup offers an online marketplace for banking services including saving accounts, money transfers, and traction records. The company filing mentioned that the board passed a resolution to allot 21,664 employee stock options to its existing Jupiter Employee Welfare Trust. The company previously announced an ESOP buyback of $4 million for 21 employees. The new employee stock option plans are allotted for Rs 18,826.29 per equity share, which includes premiums. Jupiter now joined Nykaa, Paytm, Delhivery, and many more companies to expand their ESOP pool size.
