Paytm Expands ESOP Pool, STPI Supports Startups, and Fullerton’s Stake In Lendingkart

Paytm is empowering its employees with 4.81 lakh stock options, while STPI is set to support 25 startups under its LEAP Ahead 2.0 initiative. Meanwhile, a Dubai court's ruling against Honasa has imposed AED 25.07 million in damages, and PayU has shifted its IPO plans to FY26. Karnataka is also making news by introducing a 1-2% transaction fee on platforms like Zomato and Uber, aimed at bolstering gig workers' welfare. On a positive note, OfBusiness is executing an INR 100 crore ESOP liquidation program, and Temasek's Fullerton has taken a controlling stake in Lendingkart.

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“Jurmana Bharna Padega”: Karnataka To Impose 1-2% Transaction Fee On Platforms Like Zomato, Uber

Karnataka is set to impose a 1-2% transaction fee on platforms like Zomato and Uber, with the funds directed towards social security for gig workers.

The money will go to a welfare board, aiming to provide much-needed safety nets for delivery drivers and ride-share workers. This comes after the state introduced the draft Gig Workers (Social Security and Welfare) Bill earlier this year.

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“Kaddu Katega, Sab Mein Batega”: Paytm Grants 4.81 Lakh Stock Options to Employees

Paytm has just granted 4.81 lakh stock options to its employees, giving them a bigger slice of the company pie.

Under its Employee Stock Option Scheme 2019, each option can be converted into an equity share, priced at INR 9. Meanwhile, 26.96 lakh stock options have been canceled or lapsed, trimming down the overall pool for reasons yet to be disclosed.

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“Tujhko Har Haal Mein Paana Hai”: STPI To Back 25 Startups Under LEAP Ahead 2.0

STPI is giving a major boost to 25 startups from Tier II and III cities with its LEAP Ahead 2.0 program. These budding businesses could receive up to INR 50 lakh each, depending on their performance.

With startups from the previous cohort already securing INR 78 crore in commitments, this round is expected to fuel even more innovation.

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“Bhaari Nuksaan Ho Gayil Ba”: Dubai Court Upholds AED 25.07 Mn Ruling Against Honasa

In a hefty blow to Honasa, the Dubai court has upheld a ruling ordering the company to pay AED 25.07 million (around INR 57 crore) in damages for allegedly unlawfully terminating a distributorship agreement with RSM.

Honasa’s assets in the UAE have also been attached to enforce the ruling. Tough times ahead for the Mamaearth parent company.

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“Thoda Samay Dijiye Sochne Ka”: PayU Defers IPO Plans, Eyes Public Listing In FY26 Now

PayU India has pressed pause on its IPO plans, now eyeing a public listing in FY26 instead of H2 2024. With Goldman Sachs leading the charge, the company is set to file its DRHP by early 2025.

Slowing revenue growth, at just 11% YoY for FY24, might be a factor behind this strategic delay.

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“Yahan Ke Hum Sikandar”: OfBusiness Undertakes INR 100 Cr ESOP Liquidation Programme

OfBusiness is wrapping up an INR 100 Cr ESOP liquidation program, benefiting over 100 employees, with the final tranche set to be completed next week.

This isn't new for the startup, as it previously carried out ESOP liquidations worth INR 150-200 Cr in 2021 and 2022. It’s another big win for the team behind this fast-growing B2B unicorn.

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“Sab Meri Muthi Mein Hoga”: Temasek’s Fullerton Acquires Controlling Stake In Lendingkart

Temasek's Fullerton Financial Holdings is set to take a controlling stake in Lendingkart with an additional INR 252 crore investment.

This fresh capital injection will help the fintech startup expand its reach in underserved markets and boost its tech capabilities. Lendingkart is all geared up for its next growth phase, thanks to this Singapore-based powerhouse.

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1. IndiaMART’s consolidated net profit surged to INR 135.1 Cr in Q2 FY25, nearly doubling from INR 69.4 Cr in the same period last year. This increase comes amid steady revenue growth and tighter control over expenses.

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2. iD Fresh Food turned profitable in FY24, posting a modest net profit of INR 1.84 Cr, alongside a 16% rise in operating revenue to INR 395.76 Cr. The company, known for its ready-to-cook and frozen food products, marks a significant turnaround after years of expansion.

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3. Wow! Momo aims for ambitious growth, targeting INR 650 Cr in revenue for FY25, a 37% increase from the previous fiscal year. To achieve this, the company plans to expand its footprint by adding 350 outlets to its current 650 over the next 18 months.

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4. Edtech unicorn Eruditus has secured $150 million in its Series F funding round, led by TPG's The Rise Fund, part of a global impact investing initiative. This round also attracted support from prominent investors, including Softbank Vision Fund 2, Accel, and the Chan Zuckerberg Initiative, bolstering its growth trajectory.

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