Small business lending platform Biz2Credit announces ESOP’s worth $12.25 Mn for 500+ indian employees
- ByStartupStory | July 27, 2022
Biz2Credit, a US-based digital lending company, launched its employee stock ownership plan (ESOP) liquidity program worth $12.25 million for its Indian workers on Tuesday (July 26). The initiative will help over 500 employees in the nation, according to the corporation. “Our ESOP strategy is an attempt to recognize our workers’ dedication and the role they play in assisting the organization in achieving its long-term goals.” “The ESOP plan matches our company’s values and combines essential financial criteria with personal performance and tenure concerns,” stated Rohit Arora, CEO, and co-founder of Biz2Credit.
Biz2Credit, founded in 2007 by twins Rohit and Ramit Arora, makes loans for online small and medium-sized businesses, working capital, and other business finance solutions for startups, as well as consumer loans. Biz2Credit, founded in 2007 by twins Rohit and Ramit Arora, provides loans for online small and medium enterprises, working capital, and other business finance solutions for startups, as well as consumer loans.
The business had previously secured $52 million in a Series B fundraising round sponsored by WestBridge Capital. Investors have so far invested $387 million in Biz2Credit, according to Crunchbase. The news comes shortly after the Westbridge Capital-backed business lowered its pre-initial public offering (IPO) financing aim by more than half to $150-200 Mn, down from $500 Mn-$1 Bn in October.
The ESOP concept happened at a time when a host of Indian entrepreneurs signed on board. Swiggy, a food delivery firm, recently launched an ESOP monetization scheme in which qualifying employees can get up to $23 million in cash. Before that, SaaS unicorn Amagi offered an ESOP program as well as a stock appreciation rights scheme valued over INR 195 Cr. In addition, CoinSwitch, a cryptocurrency exchange, and Cars24, a used automobile marketplace, also conducted ESOP buyback programs in 2022.
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