Zaggle Expands ESOP Pool With 44.1K Stock Options

Listed fintech SaaS startup Zaggle has allocated 44,161 additional stock options under its Employee Stock Option Plan (ESOP) 2022.

In an exchange filing, the Mumbai-based startup on Friday (October 4) said it has received approval from its board to grant the additional stock options to eligible employees.

“This is to inform you that the… compensation committee in its meeting held on Friday, October 04, 2024 has inter-alia approved granting of 44,161… options to eligible employees of the company under the Zaggle ESOP 2022,” the company said. 

Based on the stock’s closing price on Friday, the total value of the new stock options translated to INR 2.03 Cr.

The company has set the exercise price at INR 335 per stock option.

In the filing, the company said that each stock option will be convertible into “one fully paid up equity share” with a face value of INR 1 each and can be exercised within 10 years from the first date of vesting of options, barring certain exceptions. 

Founded in 2011 by Raj Narayanam, Zaggle offers spend management solutions for businesses as well as other SaaS tools such as expenses, payments, and rewards management software. 

Zaggle has expanded its ESOP pool a week after it picked up stakes in two companies – Span Across IT Solutions and Mobileware Technologies. While it acquired a 26% stake in Mobileware Technologies for INR 15.6 Cr, it also received board nod to pick up 98.32% shareholding in Span Across IT Solutions for nearly INR 32 Cr.

The fintech SaaS startup saw its consolidated profit after tax (PAT) jump 716% to INR 16.73 Cr in the first quarter (Q1) of the fiscal year 2024-25 (FY25) from INR 2.05 Cr in the year-ago period. Meanwhile, revenue from operations zoomed 113% to INR 252.2 Cr in the quarter under review from INR 118.4 Cr in Q1 FY24. 

Shares of Zaggle closed the day 3.14% higher at INR 460.25 on the BSE on Friday.