Oxyzo is creating a new esop scheme ‘Employee Stock Option Plan 2022’ worth close to $63 Mn
For this pool, the startup intends to allot 4,586,348 equity shares to permanent employees working in or outside India
Oxyzo entered the unicorn club last month after raising $200 Mn in Series A round
Newly-minted fintech unicorn Oxyzo is bringing a new ESOP pool worth close to INR 500 Cr for its employees. The fintech unicorn which entered the coveted club last month after raising the country’s biggest Series A round of $200 Mn is creating an ESOP pool worth INR 477.5 Cr ($63 Mn).
In an extraordinary general meeting held last month, the shareholders of the startup passed a resolution for the approval of Employee Stock Option Plan 2022 where the startup intends to offer not more than 4,586,348 equity shares of INR 10 to permanent employees working in or out of India.
While, allotment of ESOPs is a wealth creation opportunity for employees, it is also a crucial way to retain valuable employees.
Founded by OfBusiness founders Asish Mohapatra and Ruchi Kalra, the startup claims to have $350 Mn assets under management, growing 100% on a year-on-year basis. Oxyzo is currently serving 2,500+ SMEs across India, disbursing loans worth INR 4,000 Cr per annum.
Some of the offerings of Oxyzo include facility to pay interest for the period of the usage of credit lines, low documentation, interest rates as low as 18% per annum and raw material priority from OfBusiness.
The startup in March of 2022 had raised $200 Mn in a funding round from Alpha Wave, Tiger Global, Norwest Venture Partners, Matrix Partners, and Creation Investments, making it the 98th unicorn of India.
B2B commerce giant OfBusiness which is now valued at over $5 Bn had launched its financial arm, Oxyzo in 2016, a lending platform that provides cash flow and matched working capital financing for buying new materials for SMEs in the manufacturing and contracting sectors.
