Jupiter is a Neo-banking platform offering that expanded its Employee Stock Option Plan by adding  new Employee stock options to its existing employee stock options. These newly allocated shares are  worth around 5 million USD. The company offers banking services such as money transfers, savings  accounts, and cash withdrawals. The startup offers a digital platform to allow users to monitor their  transactions and maintain the record properly.  

The company mentioned in a regulatory filing that the board members passed a resolution to issue  21,665 employee stock options in its existing Jupiter Employee Welfare Trust to increase the total  employee stock option plan pool. The fintech unicorn added these new stock options to its existing  Employee Stock Option Scheme with an issue price of Rs 18,826.29 per equity share including  premium. This makes the total options to be worth around Rs 40.7 crore. The ESOP pool size is expanded by the startup for its employees to gain new employees, hire new talents, and enhance  productivity.  

Jupiter provides an online platform that aims to strengthen the banking market and transform the  financial landscape while building a transparent and secure ecosystem for everyone. The development  came after the company expanded its product portfolio. The startup recently received its wallet license from the Reserve Bank of India and raised funds from its existing investors for its non-banking financial  arm, Amica Finance. The company has raised $160 million to date, including $2.4 million raised from  Peak XV partners during its maiden equity funding round with the participation of Peak XV Partners,  BEE Accelerate, Tiger Global, and QED fund. The company had a last valuation of around 710 million USD during its series C round of $86 million.  

The neo-banking platform reported a revenue of Rs 56 crore in FY23. However, the losses also were around Rs 327 crore in the same duration. The board approved granting these stock options to those  under the Jupiter employee stock option scheme. The neo-banking platform previously had its ESOP  buyback of 4 million USD for its 21 employees. The company’s filing mentioned that Jupiter’s total  employee stock option plan pool size accounted for 7.89 percent of the total shares. Many startups  announced their ESOP buyback programs including Paytm, Delhivery, and Purplle. The company faces  competition from other platforms in the same segment including Nyo and Slice. 

Conclusion: 

Jupiter announced the allocation of a new employee stock option Plan to its existing ESOP pool. These  newly allocated stock options are worth around 5 million USD. The neo-banking startup offers an  online marketplace for banking services including saving accounts, money transfers, and traction  records. The company filing mentioned that the board passed a resolution to allot 21,664 employee  stock options to its existing Jupiter Employee Welfare Trust. The company previously announced an  ESOP buyback of $4 million for 21 employees. The new employee stock option plans are allotted for  Rs 18,826.29 per equity share, which includes premiums. Jupiter now joined Nykaa, Paytm, Delhivery, and many more companies to expand their ESOP pool size.