MobiKwik, Telecom News, ET Telecom
MobiKwik Chairman, Co-Founder and COO Upasana Taku said the number of shares that would result from the full exercise of the options granted involves 7% of the fully diluted outstanding shares.
“That 7% compares to less than 2% of the shares held by most of the other Internet companies that make it to the list … Over the past decade, MobiKwik has grown through the strength of its employees to become a major fintech player in India. As we further consolidate our presence and leadership, we wanted to recognize and reward our employees for their efforts, ”she added.
The Gurgaon-based company – which has around 470 employees – had filed its DRHP with the Securities and Exchange Board of India (Sebi) in July.
The company plans to offer shares totaling Rs 1,900 crore on its IPO, of which Rs 1,500 crore is a new issue while the remaining Rs 400 crore is an offer for sale by existing shareholders.
MobiKwik – which offers solutions such as the mobile wallet and Buy Now Pay Later (BNPL) – had raised a Series G of 20 million USD from the Abu Dhabi Investment Authority (ADIA) at a value per share of Rs 895.80 per share. This implies an average 600 percent gain for employees on their ESOPs, Taku said.
“This six-fold increase in ESOP value created generational wealth for employees. It is the result of both employees’ confidence in the company’s vision and the partnership approach adopted by the company to share the rewards of value creation. over time with employees, ”she added.
When evaluating the $ 720 million Series G fundraising cycle, seven employees are worth over Rs 10 crore and 31 are worth over Rs 1 crore each.
In addition, 118 current employees (almost a quarter of the total employee base) have become Rupee millionaires, underscoring the company’s philosophy of ensuring fair participation instead of just focusing on the team. leadership, Taku said.
“The creation of cumulative wealth for employees currently stands at Rs 3 billion. With the next IPO of the company, these employees should reap a boon,” she added.