Gurugram-based savings platform magicpin has increased its ESOP pool by 2.2X. As per the latest regulatory filings accessed by Inc42, Samast Technologies Private Limited, which operates magicpin has increased its ESOP Scheme of 2015 from 1,76,520 ESOP options to 3,89,580 options.
It is worth noting that while in most of the startups, the ESOP options are exercised into equity shares in 1:1 ratio, but in case of magicpin — it is 12:1 ratio, meaning 12 ESOP options will be exercised into 1 equity share.
While earlier 1,76,520 ESOP options were exercisable into 14,710 equity shares, with the increase in options to 3,89,580 options, exercisable shares have jumped to 32,465 equity shares.
As per Inc42’s calculations, the worth of the ESOP pool will now be INR 217.17 Cr, up from INR 98.4 Cr, a 120% rise in value.
The development comes months after magicpin raised $60 Mn in its Series D round led by food delivery giant Zomato. The round further saw participation from Lightspeed Venture Partners.
Magicpin was among three startups in which Zomato had invested last year. Zomato had participated in B2B logistics startup Shiprocket’s $185 Mn Series E round, and fitness startup Curefit’s unicorn valuation round in participation with Singapore’s Temasek worth $145 Mn.
Deepinder Goyal of Zomato joined magicpin’s board as an independent director in last July.
Just yesterday, Zomato had announced $15 Mn investment in adtech startup AdOnMo for a 19.8% stake, and $5 Mn in enterprisetech platform UrbanPiper. Zomato has also set up its NBFC subsidiary.
Founded by Anshoo Sharma and Brij Bhushan in 2015, magicpin is a discovery and user savings platform.
The platform allows users to explore brands and retailers across categories such as fashion, food, electronics, grocery, among others. It allows users to transact through the app on these offline retail stores, thus allowing them to gain points. These points later can be redeemed by users at different stores.
At present, magicpin serves 6 Mn active users with nearly 25 sessions per user per month, and provides savings on nearly 170K merchants across big brands and local retailers.
The post Exclusive: Zomato-Backed magicpin Expands ESOP Pool, Worth Rise By 120% appeared first on Inc42 Media.
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