Under its current and new ESOP plans, fintech unicorn Yubi (formerly CredAvenue), which offers loans to businesses, has given its employees additional options for employee stock options (ESOPs).
According to Yubi’s regulatory filing, which can be accessed through the Registrar of Companies (RoC), the board approved a special resolution to add 22,00,000 employee stock options to its new and existing plan, increasing the total ESOP pool to 60,08,920 options.
Yubi has increased the number of stock options in its 2022 ESOP plan by 11,00,000, totalling 4,908,920 options. According to a separate filing with the RoC, an additional 11,00,000 options are included in the company’s newly introduced 2024 ESOP plan.
The filing continued that the company is trying to attract and keep talented employees by broadening the pool of ESOPs. The company’s entire ESOP plan was valued at $70 million, but TheKredible estimated that the recently added ESOP options were worth about $26 million.
Following a $135 million Series B round led by Insight Partners, Dragoneer Investment Group, and B Capital Group, Yubi became a unicorn in March 2022. Following a secondary sale, its valuation reached $1.5 billion last year.
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