Neo banking platform Jupiter announced that it had facilitated Employee Stock Options (ESOPs) buyback for several of its employees. This was done in two liquidity transactions totalling approximately $4 million (₹30 crore).
Around 21 former and current Jupiter employees availed the buyback.
This comes in less than two months after the company announced the closure of its $86 million Series C funding round, which was led by Tiger Global, Sequoia Capital India, US-based venture fund QED Investors along with its existing backer Matrix Partners India.
The start-up was in stealth mode until October 2021. The platform has on-boarded close to 800,000 users since its inception in 2019, and has partnered with the Federal Bank to provide bank accounts to its customers.
Jitendra Gupta, Founder and CEO of Jupiter said, “At Jupiter, we believe in creating value for our team members at every stage of growth. I have followed the philosophy of value creation since my days at Citrus. We like to work with team members who believe in our mission to make healthier financial communities. We believe that ESOPs are a real tool for value creation for team members and help them create wealth in the long term.”