Zomato adds new ESOP worth $39 Mn

Food tech major Zomato has introduced a new ESOP plan worth Rs 328 crore (approximately $39.5 million) under the Foodie Bay Employee Stock Option Plan 2014.

The board at Zomato has received the board approval to grant 1,19,97,768 ESOP options under its Foodie Bay Employee Stock Option Plan 2014, its regulatory filing accessed through the National Stock Exchange shows.

This development follows three months after Zomato received shareholder approval for a new ESOP plan valued at $458 million. At that point, the total value of Zomato’s ESOPs was $796 million.

During the first quarter of the ongoing fiscal year, Zomato reported 4,206 crore of revenue, registering an 18.1% quarter-on-quarter growth with the profits standing at Rs 253 crore in the same period.

The company is currently trading at Rs 276 crore (as of 04th Oct 2024 11.50 AM) with a total market capitalization of Rs 2,44,000 crore or $29 billion.

Zomato’s arch-rival, Swiggy is also preparing for its public market debut. The Bengaluru-based company filed its draft IPO papers to raise Rs 3,500 crore via a fresh issue.

Among the public companies, Policybazaar’s parent  PB Fintech, Nykaa and TBO Tek also increased their ESOP pool in 2024.

Meanwhile, Zomato is seeing major shifts in its leadership following the recent departure of Akriti Chopra, its co-founder and Chief People Officer. She joins other former co-founders, such as Pankaj Chaddah, Gaurav Gupta, Mohit Gupta, and Gunjan Patidar, who have also recently exited the company.