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Simsim

Social commerce startup Simsim introduces ESOP plan for employees

Simsim

Allocation of employee stock options (ESOPs) by Indian startups has picked up in the past 3-4 years. Many growth-stage companies such as BYJU’s, Paytm, Oyo, Rivigo and Swiggy had expanded its existing pool and hundreds of their employees made fortunes via secondary transactions.

Following the path of these firms, video-based influencer commerce startup SimSim has launched its own “SimSim ESOP Scheme 2019.” The newly-introduced ESOP pool will include 5,465 equity shares which will be allotted to eligible employees with effect from April 10,2019.

The introduction of ESOP pool has been on the heels of  Simsim launching its own customised content product Rubaru. It allows users to send video messages and tips recorded by celebrities and influencers for their near and dear ones. Entrackr had exclusively reported about the launch of Rubaru.

According to Fintrackr’s estimate, Simsim’s ESOP pool is currently valued at $2 million after factoring in the company’s last financing round. The number of employees eligible under the plan, however, could not be ascertained.

This year several companies have expanded their ESOP pool. Paytm had announced Rs 250 crore worth ESOPs addition this year. With the addition of 14,500 options, Swiggy’s ESOPs pool touched Rs 1600 crore ($211.8 million). Unacademy, Ola, Bounce, Meesho and Lenskart are other notable companies to extend their overall employee stock options.

SimSim is one of the well-funded companies in the video and influencer commerce space along with BulBul and EkAnek. The Delhi-based firm has raised $16 million across three rounds from investors including Accel and Shunwei.

Covid-19 pandemic has disrupted businesses and the social commerce space is no exception. According to experts and analysts tracking the segment, social commerce companies will likely see merger and acquisition activities. At present, there are over 10 startups operating in the space and they may consolidate on two or three fronts in the coming months.

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Social commerce startup Simsim introduces ESOP plan for employees

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Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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