Online credit platform Money View expands its ESOP pool to Rs 300 crore
- ByStartupStory | May 30, 2022
Money View, an online lending platform, has increased its employee stock option (ESOP) pool by Rs 72 crore. The increase comes two months after the business closed its Series D financing. According to regulatory filings, Money View approved a special resolution to expand its ESOP pool to Rs 1,75,390 options from 1,33,338 options. As time passes, each option will be converted into equity shares.
The adoption of additional options is worth Rs 72 crore, while the company’s overall ESOP pool is now valued at Rs 300 crore, or about $40 million. Money View has now joined a group of growing and late-stage firms that have increased its ESOP pool, including LEAP, Wiz Freight, Ather Energy, Ninjacart, Ecom Express, Pine Labs, and VeGrow in 2022.
At a valuation of $625 million, Money View secured $75 million in a Series D round from Tiger Global, Winter Capital, Evolvence India, and Accel. The eight-year-old business offers customised credit solutions such as fast personal loans, cards, BNPL, and personal financial goods. It has formed alliances with around 15 financial institutions for its loan products. The firm claims 4X growth in 2021 and aims to reach $1 billion in assets under management (AUM) by FY23.
Money View, a Bangalore-based company was founded in April 2014 by Sanjay Aggarwal and Puneet Agarwal. Money View’s income from operations increased by 20% to Rs 98.45 crore in FY21, up from Rs 81.45 crore in FY20. Meanwhile, the Bengaluru-based firm managed to reduce losses by 31% to Rs 46.81 crore in FY21, down from Rs 68.30 crore the previous year (FY20). Money View competes directly with MoneyTap, InCred, Navi, Indialends and CASHe on the other hand ZestMoney and Slice are its indirect competitors.
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