Accel-backed Scripbox grows ESOP pool to Rs 265 Cr
- ByStartupStory | August 12, 2022
Scripbox, a wealth management firm, has increased its employee stock options (ESOP) pool and added new options, joining more than a dozen other businesses that have done so since the beginning of the year. According to regulatory documents with the Registrar of Companies (RoC), Scripbox’s board of directors approved a special resolution to enhance the existing ESOP pool by 2,94,808 options to 12,09,726 options. According to estimates, the new options added to Scripbox’s stock options are worth around Rs 64.7 crore, while the overall value of the company’s ESOP pool is approximately Rs 265.4 crore, or a little more than $33 million.
The reports come six months after Scripbox raised $21 million in a Series D investment headed by Accel Partners. Since its debut in 2012, it has raised almost $48 million. The Bengaluru-based platform assists retail investors in making better, more informed investment decisions and manages investments worth more than Rs 12,000 crore. Customers can invest in tax-advantaged mutual funds, fixed deposits, US equities, ETFs, NPSs, and NFOs. Scripbox also made a strategic investment in Pune-based advice firm Wealth Managers earlier this month. The value of the transaction has not been disclosed.
While Scripbox is yet to file its financials for FY22, according to its annual financial statements filed with the RoC, the company’s sales increased 32.3% to Rs 9.06 crore in FY21 from Rs 6.85 crore in FY20. The company’s losses increased by 23.3% to Rs 61.67 crore in FY21, up from Rs 50 crore in the previous fiscal year.
The Indian startup ecosystem saw around two dozen ESOP buybacks in the first half of 2022, which dropped dramatically in the second half. However, the pool of ESOPs continues to grow in the second half, with numerous businesses, including Jar, Amagi, and Scripbox, adding additional shares to their current pool. NoBroker, DealShare, Money View, Purplle, LEAP, Wiz Freight, Ather Energy, Ninjacart, Ecom Express, Pine Labs, and VeGrow increased their ESOP pool in the first half.
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