NoBroker increases the ESOP pool size by adding options worth Rs 100 crore
- ByStartupStory | June 1, 2022
Brokerage-free real estate firm, NoBroker has joined the ranks of numerous growth and late-stage firms that have increased the number of employee stock options (ESOPs) available to them. The Bengaluru-based company has increased its option pool worth more than Rs 100 crore.
According to regulatory filings with the Registrar of Companies (RoC), NoBroker has approved a resolution to enhance its ESOP options to 27,023 from 19,600. These options will be converted into equity shares at the time of exercise. The addition of new options is approximately Rs 103 crore, while the entire ESOP pool value of the firm is Rs 377 crore.
NoBroker was one of 43 unicorns valued at more than $1 billion in 2021. In November, the business secured $210 million in funding led by General Atlantic, Tiger Global, and Moore Strategic Ventures. In March, the business also purchased back Rs 32 crore in ESOPs from 95 employees (57% of its workforce at the time).
NoBroker offers subscription-based property (rental and purchase) searches as well as auxiliary services such as home services, financial services, and social administration. It also accepts UPI and credit cards for rental payments. Employee stock options (ESOPs) and buybacks have grown in popularity in recent years. In 2022, a number of growth-stage firms, including LEAP, Wiz Freight, Ather Energy, Ninjacart, Ecom Express, Pine Labs, and VeGrow, increased their ESOP pool.
Since 2021, the rate of ESOP buybacks has also grown multifold: the value of buybacks climbed 8X to $440 million in 2021 as compared to 2020. Buybacks totalling $175 million were completed in the first half of 2022.
Follow Startup Story
Related Posts
