Under its ESOP Plan 2018, Zetwerk, a unicorn in business-to-business (B2B) e-commerce, has introduced a new employee stock option valued at Rs 541 crore, or roughly $64 million.This will be the Bengaluru-based company's first ESOP growth in the current calendar year.
According to its regulatory filing obtained from the Registrar of Companies, the board has approved the addition of 1,25,03,900 new stock options for the business to Zetwerk's Employee Stock Option Plan 2018.
Fintrackr estimates that the newly additional ESOP options are valued about Rs 541 crore, or $64 million. Each ESOP option will be converted into equity shares.
According to the calculations, Zetwerk's whole ESOP plan, which includes 2,64,64,418 employee stock options, is currently valued at about Rs 1,145 crore, or 136 million. The company's ESOP pool has grown by 90% as a result.
Following the ESOP expansion, Khosla Ventures spearheaded a $90 million funding campaign, with The Schiehallion Fund contributing at a valuation of $3.1 billion. Earlier this month, the development was exclusively reported by Entrackr.
Zetwerk connects suppliers and clients for manufacturing jobs. It was established three years ago by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary. The company works with offline suppliers that cast, forge, galvanize, fabricate, and manufacture machine parts.
Zetwerk is also planning an initial public offering to raise $1 billion and has began talks with investment bankers.
