SUMMARY
Oxyzo is creating a new esop scheme ‘Employee Stock Option Plan 2022’ worth close to $50 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
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Newly-minted fintech unicorn Oxyzo is bringing a new ESOP pool worth close to INR 380 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 for its employees in and outside India.
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 to permanent employees over the course of two years.
People aware of the development told Inc42 that the ESOP allocation will happen at a strike price of the prevailing funding round.
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.
Update | 6th May 2022, 12:08 PM
The previous version of the story had mentioned INR 500 Cr as the ESOP pool size. The same has been edited to reflect the right number after speaking to sources.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.