According to its regulatory filings, the startup has increased its Scripbox Employees Stock Option Plan 2013 from existing 9,14,918 to 12,09,726 options
Besides, Scripbox’s existing ESOP pool under ESOP Scheme 2013 now amounts to INR 265.4 Cr
The latest development comes barely days after Scripbox acquired Pune-based wealth management startup Wealth Managers to expand its footprint and customer base
Wealthtech startup Scripbox has increased its employees stock option plan (ESOP) pool by introducing 2,94,808 fresh stock options.
According to its regulatory filings, the startup has increased its Scripbox Employees Stock Option Plan 2013 from existing 9,14,918 to 12,09,726 options. Considering its current share price (INR 2,194 apiece), which is based on its last funding round, its ESOP pool worth has grown by INR 64.6 Cr.
Besides, Scripbox’s existing ESOP pool under ESOP Scheme 2013 now amounts to INR 265.4 Cr.
The latest development comes barely days after Scripbox acquired Pune-based wealth management startup Wealth Managers to expand its footprint and customer base.
Founded in 2012 by Atul Shinghal and Sanjiv Singhal, Scripbox is a wealthtech platform that offers investment opportunities such as mutual funds, NPS to fixed deposits, among others to individual investors.
Earlier this year, Scripbox reportedly secured $21 Mn in its Series D funding round from investors–Accel Partners, Transpose Platform, DMI’s The Sparkle Fund and InnoVen Capital, among others.
In the fiscal year 2020-21, Scripbox reported consolidated losses at INR 66 Cr while its revenue from operations stood at INR 7.9 Cr, according to Tofler.
Taking account of the current startup ecosystem, funding winter, investors’ low sentiment, market volatility and other geopolitical issues have battered Indian startups. This has resulted in startups downsizing their business and laying off over 11,360 employees in the present year.
As a result, working professionals are skeptical about joining or working with startups. In scenarios like these, many startups have introduced ESOP plans or expanded their existing ESOP pools or bought back their ESOPs.
In essence, ESOPs have invariably been considered an important method to retain employees as well as attract talent.
In the month of July, digital lending platform Biz2Credit rolled out an ESOP scheme worth $12.25 Mn for its Indian workforce which comprises over 500 employees. Besides this, SaaS startup Amagi also launched an ESOP scheme and a stock appreciation rights scheme of over $24 Mn (over INR 195 Cr).
During the same time frame, foodtech startup iD Fresh Food introduced ESOP worth INR 46 Cr for 27 employees and edtech unicorn Unacademy expanded its ESOP pool size by 19.8% and issued an additional 286 Mn options.
