You are here: Home » Markets » News
Business Standard

BankBazaar expands employee stock pool, adds shares worth $15 million

BankBazaar.com has said it has expanded its employee stock ownership plan (ESOP), adding shares worth USD 15 million (about Rs 109 crore) to the pool.

Topics
BankBazaar | Esops

Press Trust of India  |  New Delhi 

cash, currency, notes, funds, investment, shares, growth, profit, loss, tax, money, income, earnings

com has said it has expanded its employee stock ownership plan (ESOP), adding shares worth USD 15 million (about Rs 109 crore) to the pool.

The company, which offers an online financial product marketplace, said it is poised to close this financial year with operational month-on-month profitability despite the onslaught of the pandemic.

"The revenue from credit cards grew by more than 20 per cent year-on-year and 72 per cent of the credit transactions is now contactless in less than a year since start of Digital KYC. The ESOP allotment is a way of acknowledging the contribution of the employees to the company's growth," a company statement said.

com Chief HR Officer V Sriram said are an incentive for everyone to be invested in long-term organisational growth.

"We have lived through a difficult and unpredictable year and come out very strongly at the end of it. Our team pulled off all stops to build and scale our capabilities and see our revenues bounce back to pre-COVID levels.

"By allotting to employees at all levels, we are enabling every employee in the organisation to reap the benefits of the business they have helped create," he added.

The company usually offers to its eligible employees equally vested for a five-year period.

However, this time, it has announced an accelerated vesting for the ESOPs.

In November last year, it had stated that FY21 will be a year of growth for the fintech company and had also announced wage hikes and promotions across all levels effective January 1, 2021.

BankBazaar, which has raised USD 116 million in funding, counts names like Experian, Eight Roads, Sequoia India, Walden International, WSV and Amazon among its investors.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, February 17 2021. 21:57 IST
RECOMMENDED FOR YOU
.