Zomato is a food and grocery delivery platform that expanded its Employee Stock Option Plan by offering its employees more than 1.2 crore stock options to its existing ESOP plan. These newly allocated shares are worth around Rs 328 crore. The food tech firm acts as a discovery platform to order food delivery from nearby restaurants. The company provides its services through its online platform and mobile application. The company enables users to browse the menu and order food online.
The National Stock Exchange filing shows that the board passed a resolution to allot 1,19,97,768 stock options at a certain face value. The startup will grant these stock options under the Foodie Bay Employee Srock Option Plan 2014.
The development came just three months after Zomato received shareholder approval to expand its ESOP plan valued at 458 million USD. The food tech firm allows restaurants to add its name to the website and serve customers through Zomato. This Gurugram-based startup has raised around 1.69 billion USD across multiple funding rounds since its inception, including $252 million secured from Kora in its series J funding round.
The development came when the company was focused on its Employee Stock Option Plan. Zomato is currently trading at Rs 276 crore with a total market capitalization of 29 billion USD. Before this, Zomato allocated 35.17 lakh stock options worth Rs 81.4 crore in its employee stock option Plan.
This marks the second time the firm has expanded its Employee Stock Option Plan in the past months. Zomato also introduced a new addition to the application that enables customers to delete their history. Earlier, this year, the food tech major acquired Paytm’s ticketing and movie business to strengthen its market presence. The food-tech startup plans to expand its network in the food delivery market segment.
Zomato reported its revenue for the first quarter of this financial year to be around Rs 4,206 crore. The company posted an 18.1 percent QoQ growth and the profit stood at Rs 253 crore in the same duration. This food-tech startup plans to solidify its position in the Indian food-tech market segment.
Zomato competes with other food or grocery delivery platforms including Swiggy, Deliveroo, and Eatsure. This year several public companies like PB Fintech, TBO Tek, and Nykaa increased their Employee Stock Option Plan pool size.
Conclusion :
Zomato expanded its employee stock option Plan by allocating 1.2 stock options under its Foodie Bay Employee Stock Option Plan 2014. These newly allocated shares are worth around Rs 328 crore. The online e-commerce platform offers food and grocery delivery services with a facility that allows its users to track their orders.
This is the second time this company has expanded its employee stock option plan in the last month. The board at Zomato approved the allocation of 1,19,97,768 employee stock option plan options under its ESOP 2014 scheme. The company has raised around 1.96 billion USD across 18 funding rounds since its inception and it competes with platforms like Swiggy.
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