Zomato is an online food delivery platform offering a food tech startup that expanded its Employee  Stock Option Plan by offering its employees more than 40 million stocks under its 2014 and 2021 plans.  These newly allocated shares are worth around Rs 892.19 crore. The company offers an e-commerce  platform to help customers search and discover restaurants and order online food delivery.  

The company mentioned in a stock exchange filing that the granted stock options should be used  within ten years from the date of vesting or 12 years from the date of listing. The startup will grant 123  options under the 2014 Foodie Bay employee stock option plans and the 40 million stock will be  granted under the Zomato Employee stock option plan 2021. The CEO of Zomato, Deepinder Goyal  mentioned that the company got the majority approval for the expansion of the employee stock option  plan for its employees. The food tech startup previously mentioned that it will undertake an ESOP pool  of 18.26 crore ESOP. This ESOP of 18.26 is worth around Rs 4,000 crore at the present. 

The startup offers a platform designed to help users with information, menus, and food ordering  services. The company mentioned in its regulatory filing about not working on the lending and credit  business and withdrew the application with RBI to get registered to undertake a non-banking financial  company. The company acquired Paytm’s ticketing and movie business to strengthen its business.  Zomato also invested around $48 million in its two subsidiaries including $36 million in Blinkit followed  by a $12 million investment in Zomato Entertainment. 

Zomato announced that its total net profit stood at Rs 175 crore for this quarter. This food tech startup  plans to expand its network and strengthen its position in the Indian food delivery Market. The  company faces competition from other food tech companies such as Swiggy, Food Panda India, Runnr,  Eatsure, Deliveroo, and more. Zomato provides an online website and mobile application to offer food  deliveries and restaurant booking services. The firm plans to enhance its platform, get more customer  reach, increase its market presence, and expand its operations across India. 

Conclusion: 

Zomato announced about expansion of its employee stock option Plan by allocating 40 million stock  to its employees. These newly allocated stocks are worth around Rs 892.19 crore. The ESOPs will help  the startup gain new employees and enhance its productivity. The company is allocating these stocks  under Zomato’s 2014 and 2021 plans. Zomato grants 123 options under the 2014 Foodie Bay employee  stock option plans and the 40 million stock will be allotted under the Zomato Employee stock option  plan 2021. The e-commerce platforms offer various information about restaurants and food delivery  services. The exchange filing mentioned that this granted stock should be exercised within ten years  from the date of vesting or 12 years from the date of listing.