WinZO Successfully Completes Third Round of ESOP Liquidation
- ByStartupStory | June 2, 2023
WinZO, the online gaming startup, has recently declared its third round of ESOP liquidation, enabling eligible team members to partially cash out their vested ESOPs. This move provides an opportunity for employees to realize the value of their equity holdings, as stated in the company’s official statement.
Amidst the challenges posed by the Covid-19 pandemic, the startup had successfully implemented its initial and subsequent ESOP liquidation initiatives in 2021. Now, the company has launched its third round of ESOP liquidation, extending the opportunity to all individuals who have completed a minimum tenure of two years with the organization. This round encompasses around 25% of the current workforce, including the early team members who played a crucial role in the startup’s journey.
Despite challenging market conditions and a funding winter, this announcement reflects the startup’s strong confidence in its business growth. Notably, the ESOP liquidation has been executed utilizing the company’s existing cash reserves, without the need for additional funding from external sources. This demonstrates the startup’s financial stability and self-sufficiency in supporting its team members through this initiative.
“Over the last 12 months, our business has grown at a velocity that has helped us cross an inflexion point to build a truly remarkable enterprise in the field of gaming and entertainment. As any pure technology company should be, we consider our team and our people our biggest asset. In light of the past and what the future holds, we have conducted our third ESOP liquidation event as an expression to share the value that the team has built so far, and buckle up to go for much bigger goals,” said Paavan Nanda and Saumya Singh Rathore, co-founders of WinZO.
Through a series of funding rounds, the firm has successfully raised a total of $100 million in cumulative funding. Notable investors in these rounds include California-based Griffin Gaming Partners, gaming funds such as Makers Fund and Courtside Ventures, as well as India-based venture capital firm Kalaari Capital. The diverse range of investors highlights the startup’s appeal and potential within the gaming industry.
With a user base exceeding 130 million registered users, the product offered by the firm enables over four billion monthly micro transactions. The Indian gaming industry is poised to capitalize on a substantial opportunity estimated at $10 billion over the next five years. These impressive figures demonstrate the immense potential and market demand for the firm’s product in the thriving Indian gaming landscape.
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