Gaming platform WinZO concludes fourth ESOP buyback
The initiative allows about 30% of its workforce to liquidate their vested employment stock ownership plan.
Gaming and interactive entertainment platform WinZO on Tuesday said it has completed its fourth round of employment stock options plan (ESOP) liquidation.
The company said the initiative allows eligible employees, about 30% of its current 200-member workforce and team members with at least two years of tenure, to liquidate their vested ESOPs.
WinZO has previously conducted three rounds of ESOP liquidation in 2021 and 2023.
The announcement comes amidst increased scrutiny over the 400% increase in Goods and Services Tax (GST), which places real money games platforms alongside sectors like casinos and horse racing.
“At WinZO, we believe our talent is our greatest asset, and this ESOP buyback program reflects our commitment to celebrating innovation,” said Saumya Singh Rathore and Paavan Nanda, Founders of WinZO.
“Despite the evolving challenges in the gaming industry, particularly recent taxation changes, our focus remains on supporting our team and creating growth opportunities and innovating to work towards leadership in the globally $300 billion market, that today India claims only 1% of,” they said in a statement.
WinZO also added that the sharp increase in GST has led to a significant drop in foreign direct investment (FDI), which has hindered the sector’s ability to attract and retain talent.
The company said it has grown its user base to 200 million within six years and has captured about 35% of India’s online gaming market.
Launched in early 2018, WinZO partners with third-party developers to host games on its Android app and has over 175 million registered users, according to the company.
It has raised $100 million in cumulative funding from Kalaari Capital, Courtside Ventures, Griffin Gaming Partners and Maker’s Fund.
Edited by Suman Singh