Edtech unicorn upGrad increases ESOP pool size by 300K options
Edtech startuphas passed a special resolution to enlarge its ESOP pool by 300,000 options, according to the startup's filings with the Registrar of Companies (RoC).
According to an Entrackr report, upGrad's fresh options are worth Rs 244 crore ($30 million), whereas the total value of the company’s employee stocks is worth approximately Rs 2,058 crore ($260 million).
In the last nine months, edtech startup upGrad increased its stock pool size for the second time. The startup already had an ESOP pool of 2,225,810 options, now increased by 13% to 2,525,810 options.
upGrad declined to comment on the development.
Post this expansion, upGrad will have the third largest ESOP pool in the edtech sector afterand . As of January 2022, BYJU's had an ESOP pool of Rs 3,092 crore ($412 million), followed by Unacademy’s pool worth $400 million.
Earlier this month, the Ronnie Screwvala-headed startup raised $210 million from ETS Global, Bodhi Tree, Singapore's Kaizen Management Advisors, and Family Office of Bharti Airtel, Narotam Sekhsaria, and Lakshmi Mittal's Artian Investments, along with existing investors Temasek, IFC, and IIFL.
Last month, the startup acquired New Delhi-based edtech company Harappa Education and Bengaluru-based recruitment and staffing firm WOLVES. It also launched five new offline experience centres in Delhi, Jabalpur, Kolhapur, Kottayam, and Patna.
In FY23, upGrad aims to record annual gross revenue of $400-500 million. It also wants to strengthen its team from 4,800 to 7,600 in the next three months.
The startup has a learner base of nearly three million across 100 countries, over 300 university partners, and a client base of 1,000 companies worldwide.