Paytm expands ESOP scheme to $604 million
Fintech major Paytm on Monday said it has added 242,904 stock options, taking its ESOP pool valuation to USD 604 million (about Rs 4,522 crore). Paytm has added 242,904 stock options taking the existing ESOP pool to 2.4 million equity options.
The company’s employee stock ownership plan (ESOP) pool valuation has jumped to USD 604 million with this addition, making it the largest among all Indian startups, a statement said.
Paytm is the most valued startup in the country with over USD 16 billion valuation, it added.
The company plans to award the expanded stock options to more employees during its annual performance appraisal, it said.
To attract and retain talented professionals Paytm had amended certain aspects of its ESOP policy last year. It had introduced performance-based ESOPs for rewarding performance and creating a meritocratic organization.
These ESOPs are given at the time of hiring or during the appraisal cycle and all key roles across different levels are eligible for it. The company has linked ESOPs to individual goals.
“We consider our ESOP scheme as a great way to promote the spirit of wealth creation among employees and truly believe that every employee is a stakeholder in the company. Our ESOP policy rewards colleagues on the basis of their overall performance and achievements,” a Paytm spokesperson said.