Exclusive: Peak XV-backed Jupiter expands ESOP pool

Neobanking platform Jupiter has expanded its employee stock option plan (ESOP) pool by Rs 40 crore (nearly $5 million). With this, the firm has joined a host of growth and late-stage companies which have expanded their ESOP pool in the ongoing calendar year.

Jupiter has approved the issuance of 21,665 ESOP options to the "Jupiter Employee Welfare Trust, its regulatory filing accessed from the Registar of Companies (RoC) shows. Each equity share is priced at Rs 18,826.29, including premium, making the total ESOP worth Rs 40.7 crore.

In March 2022, Jupiter had its last ESOP buyback worth $4 million for 21 employees. According to the filing, Jupiter’s total ESOP pool formed 7.89% of the total share capital.

The development comes at a time when Jupiter is expanding its product portfolio and it recently received wallet licence from the Reserve Bank of India (RBI). The firm also scooped up strategic funding from its existing investor for its non-banking financial (NBFC) business Amica Finance. Entrackr had exclusively reported the development in June.

Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners among others.

As per startup data intelligence platform TheKredible, Jupiter achieved a total revenue of Rs 56 crore but reported a loss of Rs 327 crore in FY23. Jupiter competes with the likes of Niyo, Slice, and Fi among others.