Morgan Stanley-backed Sterling Accuris introduces $34 Mn worth ESOP scheme

On the lines of over a dozen growth stage startups, pathology-focused diagnostic lab chain Sterling Accuris has created its employee stock options (ESOPs) pool. 

The board of Sterling Accuris has passed a special resolution to create an ESOP pool of 10,00,000 options, regulatory filings with the Registrar of Companies (RoC) show.

According to Fintrackr’s estimate, the brand new stock options scheme is worth Rs 175 crore or $22 million. The-seven-year company had raised Rs 250 crore or $34 million in September last year from a fund managed by Morgan Stanley.

Sterling Accuris Diagnostics offers an elaborate test menu which includes more than 2,000 laboratory tests and profiles. Based out of Ahmedabad, Accuris operates around 150 labs and collection centres across four states — Gujarat, Delhi, Rajasthan, and Madhya Pradesh. 

The company is aiming to achieve a revenue of around Rs 250 crore in FY22.

While Sterling Accuris is yet to disclose its financials for FY22, its revenue from operations grew over 2X to Rs 137.2 crore during FY21 from Rs 62.3 crore in FY20 as per its annual financial statements with the RoC. The company also turned profitable in FY21 and booked Rs 4.6 crore profit against Rs 26.7 crore loss during FY20.

As per data compiled by Fintrackr, around 17 Indian startups have expanded their ESOP pool in 2022 so far. The list includes startups across early and growth stages such as Minimalist, Waycool, Jar, upGrad, Amagi, Scripbox, NoBroker, DealShare, Money View, Purplle, LEAP, Wiz Freight, Ather Energy, Ninjacart, Ecom Express, Pine Labs and VeGrow among others.