Mumbai-based Fintech SaaS Startup Zaggle Datalabs Boosts Employee Equity with New Allotment
In a significant move to enhance employee engagement and ownership, Zaggle Datalabs has approved the allocation of nearly 2.29 lakh equity shares under its Employee Stock Option Scheme (ESOP) 2022. This decision comes as part of the company’s ongoing efforts to incentivize its workforce and align their interests with those of the organization.
Details of the Allotment
In an exchange filing dated October 30, Zaggle announced that its board had granted approval for the issuance of 229,134 equity shares, each with a face value of INR 1. These shares are fully paid-up and are being allotted to eligible employees upon the exercise of their vested options.
The statement from Zaggle specified, “Approved the allotment of 2,29,134 equity shares having face value of INR 1 each, as fully paid-up, to the eligible employees, upon exercise of vested options.” This allocation marks a strategic initiative to motivate and reward employees for their contributions to the company’s growth.
Financial Overview of the Allotment
In a separate filing, Zaggle revealed its plans to raise INR 9500 million (or INR 950 crore) in accordance with the SEBI ICDR Regulations and other applicable regulations, pending necessary approvals.
For the newly allotted shares, Zaggle set the exercise price at INR 1 for 128,600 shares and INR 164 for 100,534 shares. Based on the stock’s closing price as of October 29, the total value of the 2.29 lakh equity shares amounts to INR 10.09 crore.
Impact on Equity Capital
Following this latest allotment, Zaggle’s issued, subscribed, and paid-up equity share capital has increased from INR 12,26,06,799 to INR 12,28,35,933. This growth reflects the company’s commitment to enhancing employee equity while bolstering its capital base.
Zaggle’s Growth and Strategic Moves
Founded in 2011 by Raj Narayanam, Zaggle specializes in spend management solutions tailored for businesses. The company offers various SaaS tools, including expenses, payments, and rewards management software, making it a comprehensive platform for financial management.
Earlier this month, Zaggle also allocated 44,161 additional stock options under its ESOP 2022, reinforcing its dedication to employee ownership. Moreover, in September, the company expanded its portfolio by acquiring stakes in two firms: Span Across IT Solutions and Mobileware Technologies. Zaggle acquired a 26% stake in Mobileware Technologies for INR 15.6 crore and received board approval to acquire 98.32% of Span Across IT Solutions for approximately INR 32 crore.
Conclusion
Zaggle Datalabs’ recent equity share allotment under its ESOP 2022 not only strengthens employee motivation but also signifies the company’s ambitious growth trajectory in the competitive fintech sector. With strategic acquisitions and a robust employee ownership program, Zaggle is well-positioned to enhance its market presence and drive innovation in spend management solutions.
