CRED has increased the size of its employee stock ownership plan (ESOP) pool to $500 million, joining the ranks of several growth-stage startups that have done so in the last year.
According to regulatory filings, CRED passed a special resolution to increase its ESOP pool by 112,504 stock options to a total of 392,958 stock options. The new ESOP pool has been increased from 10% to 12.5% of its paid-up capital.
CRED has increased the size of its ESOP pool by Rs 1071.3 crore or $143 million, bringing the company’s total ESOP pool to Rs 3,745 crore or $500 million.
The news follows the company’s announcement that its total ESOP buyback for 2021 will be up to Rs 100 crore, or $13.3 million. CRED also stated that its total ESOP buyback in 2021 will be around Rs 145 crore, or $19.3 million.
CRED has now joined the ranks of top Indian companies in terms of ESOP pool size, thanks to this move.
CRED has recently surpassed Byju’s, India’s most valuable startup, which has an ESOP pool of Rs 3,092 crore [$412 million]. If only non-listed companies are counted, CRED will trail only Flipkart and Oyo in terms of ESOP pool size.
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