SUMMARY
Paytm’s NRC granted 1,706,829 stock options under One97 Employees Stock Option Scheme 2019 (ESOP 2019) to eligible employees
Paytm’s move comes as Flipkart is conducting one of the largest cash payouts in the country, paying $700 Mn to thousands of employees
The listed fintech startup is set to report its financials for the quarter ended June 30, 2023, on Saturday (June 22)
Listed fintech giant paytm
has announced an additional 1.7 Mn employee stock options (ESOPs), in another instance of a startup returning value to its employees.
Per a regulatory filing, Paytm’s Nomination and Remuneration Committee held a meeting on Thursday (July 20), granting 1,706,829 stock options under One97 Employees Stock Option Scheme 2019 (ESOP 2019) to eligible employees. The exercise price point for these ESOPs will be INR 9 per share, per the filing.
Further, the fintech giant cancelled 53,250 stock options, in accordance with the terms and conditions of ESOP 2019.
“Stock Options granted shall be capable of being exercised anytime during the entire period of continuous active employment from the date of vesting of the respective options,” said Paytm in the filing regarding the eligibility and vesting schedule.
Paytm announcing new ESOPs comes as Flipkart is conducting one of the largest cash payouts in the country, paying $700 Mn to thousands of employees as part of the fintech decacorn PhonePe separating from the ecommerce megalith. While around 20 of Flipkart’s C-level executives are receiving cash payouts of $10 Mn each, the remaining $500 Mn is being paid to ESOP holders.
The fintech saw its loan disbursals surge 167% year-on-year (YoY) to INR 14,845 Cr during the April-June 2023 quarter, while the number of loans also increased 51% YoY to 12.8 Mn. In all, the Vijay Shekhar Sharma-led fintech giant has issued 24.7 Mn loans worth INR 27,399 Cr so far in 2023.
The fintech giant has also been witnessing a silent revival on the bourses, as its share price continues to climb steadily. Since the start of 2023, Paytm’s share price has climbed 57.32%, reaching a 52-week high of INR 914.95 earlier this year.
Paytm is set to report its financial results for the quarter ended June 30, 2023 later in the day today (July 21).
The fintech’s cofounder and CEO Vijay Shekhar Sharma was also present at Inc42’s investor-focused conference, MoneyX. Speaking at MoneyX, Sharma highlighted the need for domestic capital investing in India’s startup ecosystem, urging Indian investors to invest in Indian startups.
“We need both (international and domestic) capital, but domestic capital has an obligation to participate,” Sharma said.
