Tiger Global-backed Jar unveils new ESOP program worth Rs 105 Cr
- ByStartupStory | July 22, 2022
Jar, a gold savings app, has announced a new employee stock option plan (ESOP) for its staff. In recent months, the company has joined many other growth-stage companies that have introduced new employee benefits programs. According to regulatory filings with ROC, the Bengaluru-based business has approved a special resolution to grant 1,196 ESOP options to current and prospective workers, which would be convertible into equity shares later. The ESOP will be valued at roughly Rs 105 crore, or little more than $13 million.
The news comes as Jar is raising around $50 million in a fresh round headed by Tiger Global. On May 27, Entrackr was the first to reveal the prospective fundraising round. The business concluded a $32 million Series A investment in February and has raised over $36 million to far, along with a $4.5 million seed fund.
According to the documents, Jar has also given 228 equity shares worth Rs 20 crore to its co-founders & directors, Nishchay AG and Misbah Ashraf, through sweat effort. Notably, the firm has given the directors sweat equity when its mobile app reached the benchmark of 4,50,000 funded accounts.
Jar allows customers to spend as little as Re 1 in digital gold, which is backed by the equivalent amount of genuine gold. Investors can withdraw or liquidate that amount of gold at any moment. In the future, the organization will also provide insurance, loans, and other financial goods. The firm is probably the sector leader because it currently has no direct competitors in India, but its approach is similar to that of the US-based Acorns & Stash.
While the regularity of ESOP buybacks has been relatively low in the second half of 2022 compared to the first, a slew of growth and late-stage firms have either extended or started their latest ESOP scheme this year. Among the companies on the list are Amagi, NoBroker, DealShare, Money View, Purplle, LEAP, Wiz Freight, Ather Energy, Pine Labs, and VeGrow.
ABOUT JAR
Misbah Ashraf and Nischay AG established Jar. Jar, a business for everyday savings, has secured $32 million in a Series A fundraising round headed by Tiger Global, a New York-based investment firm. New investors include Rocketship.vc, Third Prime, Stonks, and Force Ventures, as well as current investors Arkam Ventures and WEH.
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