Employees at Zetwerk and WMall To Get ESOPs Rewards: Zetwerk and WMall have adopted employee stock ownership plans (ESOPs). Zetwerk, a B2B platform for custom production, has increased its ESOP pool. WMall, a social plus video commerce website, has already implemented an ESOP policy. For custom processing, there is a business-to-business marketplace.
According to regulatory filings, Zetwerk has increased its stock options by Rs 4.77 crore, and the firm has distributed 917 equity shares to 24 workers under the ESOP scheme. The owners of Zetwerk, Rahul Sharma and Vishal Choudhary are the main winners of the new allotment. The two were each given 269 equity shares worth Rs 2.8 crore.
The Bengaluru-based company’s ESOP expansion comes two months after it raised Rs 156.4 crore ($20.8 million) in a Series C funding round led by established investors Greenoaks Capital and Accel Partners in July. At the time, it was worth around Rs 1,820 crore ($242.6 million). WMall, headquartered in Bengaluru, has also introduced a new ESOP scheme worth Rs 16.4 crore. According to filings, the corporation passed a special resolution to authorize the approval of the WMall Employee Stock Option Plan 2020, in which 1667 equity shares were granted.
WMall uses a mix of video and text to advertise its items. It uses WhatsApp and YouTube to promote third-party brands in Gujarati and Hindi. The company’s main areas of focus are fashion, home decor, accessories, and kitchen necessities. In November 2019, it raised $9 million from Chiratae and SAIF. The early-stage enterprises’ growth of ESOPs is a positive sign for the Indian startup ecosystem.
Under the ESOP scheme, the B2B company raised its stock options by 4.77 crore INR and allotted 917 equity shares to its 24 employees. The Zetwerk creators, Rahul Sharma, and Vishal, stand to benefit the most from the new delivery. Each of the founders got 269 equity shares worth a total of 2.8 crore Indian rupees.
The news about the Bengaluru-based firm’s ESOP expansion came two months after it received 20.8 million USD (roughly 156.4 crore INR) in a Series C funding round in July. Accel Partners and Greenoaks Capital, two of the company’s existing owners, provided the financing. The firm was estimated at 242.6 million USD (roughly 1,820 crore INR) at the time of fundraising.
The Bengaluru-based WMall, a social plus video commerce website, has also introduced an ESOP policy. The current strategy is worth approximately 16.4 crore Indian rupees. The WMall Employee Stock Option Plan 2020 has been approved and adopted by the corporation by a special resolution. The firm has issued 1667 equity rights to its workers as part of the arrangement.
Expansion of ESOPs is a Positive Sign for India’s Startup Ecosystem
Zetwerk is a manufacturing focused online B2B marketplace. It links major manufacturers with vendors and suppliers of customized goods, such as industrial machinery and machinery. Buyers and vendors should work together to streamline correspondence and execution tools so that orders can be filled easily.
WMall is a B2C social shopping site that assists underrepresented internet users in Tier 2 and Tier 3 cities, such as women. Consumers can buy goods from the company through social media platforms such as WhatsApp and YouTube. On its smartphone, it also offers a social shopping experience that combines video and text.
It works by using social media channels to promote third-party brands in Gujarati and Hindi. The growth of ESOPs by early-stage entrepreneurs is a great sign of India’s innovation ecosystem. Shuttl and ShareChat have recently extended their ESOP policies as well.