Feb 28, 2025
ESOP Monthly Roundup – February 2025: Key Allotments & Trends
This month, we witnessed significant allotments from industry giants like Swiggy, EID Parry, and Transport Corporation of India
Welcome to the March edition of Fables of ESOPs, your monthly roundup of India Inc.’s most compelling employee ownership developments. March brought a surge of ESOP activity—from high-value buybacks and fresh share allotments to regulatory discussions and IPO-linked moves. Startups and listed companies alike doubled down on equity-based rewards as a core lever for retention and alignment.
Noteworthy names like Paytm, Dezerv, Even Healthcare, Swiggy, and SBI Cards made headlines, while SEBI’s proposal to allow founders to retain ESOPs post-IPO signaled a potential policy shift.
Let’s unpack the key ESOP highlights from March 2025 that shaped ownership stories across sectors.
In March 2025, Paytm revised its ESOP policy to link vesting with annual performance ratings and introduced a flexible vesting period of 1–5 years. The company granted 1,09,995 new stock options while 4.1 lakh options lapsed. These options can now be exercised anytime during active employment post-vesting. The move aligns with Paytm’s focus on performance-based rewards and long-term value creation.
In March 2025, Ather Energy revealed plans to grant Employee Stock Options (ESOPs) worth approximately ₹7 crore to over 1,300 employees, including senior leadership. This initiative aims to acknowledge contributions across the organization as the company prepares for its anticipated IPO in early FY26. The ESOP allocation combines standard grants with additional units based on tenure.
In March 2025, the Securities and Exchange Board of India (SEBI) proposed amendments to permit startup founders to retain their Employee Stock Options (ESOPs) after their companies go public. Currently, founders classified as promoters during IPO filings are ineligible for ESOPs. SEBI acknowledged that requiring such individuals to forfeit their ESOP benefits is unjustified. The proposed changes aim to allow founders to exercise previously granted ESOPs even after being designated as promoters, while still prohibiting the issuance of new ESOPs to promoters.
Even Healthcare announced a $500,000 ESOP buyback in March 2025, conducted at its primary valuation without any discount—ensuring employees receive full value for their equity. The move comes shortly after its $30 million Series A round in October 2024. All full-time employees are granted stock options on par with founders, along with guaranteed refresher benefits. The initiative reflects the company’s focus on long-term wealth creation and talent retention. Even Healthcare also maintains transparency by publicly sharing its ESOP and compensation structures.
On March 15, 2025, Intellect Design Arena allotted 66,208 equity shares under its Employee Stock Option Plan (ESOP). This allotment led to an increase in the company’s paid-up share capital from ₹69.39 crore to ₹69.42 crore. The number of equity shares rose from 13.87 crore to approximately 13.88 crore, each with a face value of ₹5. The move reflects the company’s ongoing commitment to employee ownership and equity participation.
On March 24, 2025, Swiggy allotted 38,31,082 equity shares following the exercise of stock options by eligible employees under its ESOP Plans of 2015 and 2021. As a result of this allotment, the company’s paid-up equity share capital increased from ₹228.26 crore to ₹228.64 crore. Each share carries a face value of Re. 1. This move highlights Swiggy’s continued efforts to reward and retain talent through long-term equity incentives. The company’s ESOP strategy remains a key pillar in aligning employee contributions with its growth journey.
SBI Cards & Payment Services allotted 3,000 equity shares to eligible employees on March 24, 2025, as part of its ESOP program. Following this allotment, the company’s paid-up capital increased from ₹9,51,35,39,540 to ₹9,51,35,69,540, with the number of equity shares rising from 95,13,53,954 to 95,13,56,954. Each share has a face value of ₹10. While a small issuance, it reflects SBI Cards’ continued commitment to employee ownership. The ESOP plan remains a key element in the company’s approach to retaining and rewarding talent.
Delhivery approved the allotment of 11,79,486 equity shares on March 10, 2025, under its ESOP 2012, ESOP II 2020, and ESOP III 2020 plans. This increased the company’s paid-up share capital from ₹74.44 crore to ₹74.55 crore. The shares were issued at varying exercise prices, ranging from ₹0.10 to ₹29.85 per share. This move follows a recent ESOP approval for 1.48 lakh additional shares. It comes on the back of strong business momentum, including a 114% YoY profit jump in Q3 FY25.
Wealthtech startup Dezerv wrapped up a ₹46 crore ($5.3 million) ESOP buyback on March 19, offering liquidity to both current and former team members. While the number of participants wasn’t disclosed, the move reflects Dezerv’s intent to align long-term employee rewards with its growth journey. Co-founder Sandeep Jethwani noted that the initiative is part of their broader effort to build a strong, values-driven team culture. The buyback follows Dezerv’s $32 million fundraise and signals maturity in its employee wealth creation strategy. It's another sign of the growing role ESOPs play in India’s startup ecosystem.
On March 20, 2025, R R Kabel allocated 4,448 equity shares under its Employee Stock Option Plan (ESOP). This issuance increased the company's paid-up share capital from ₹56,53,42,265—comprising 11,30,68,453 shares of ₹5 each—to ₹56,53,64,505, now totaling 11,30,72,901 shares. This strategic move underscores R R Kabel's commitment to creating employee ownership and aligning staff interests with corporate growth.
On March 18, 2025, Crompton Greaves Consumer Electricals allotted 10,000 equity shares under its Employee Stock Option Plan (ESOP). This issuance raised the company's paid-up capital from ₹1,28,75,59,350, comprising 64,37,79,675 equity shares of ₹2 each, to ₹1,28,75,79,350, now totaling 64,37,89,675 equity shares.
In the first quarter of 2025, employees and key managerial personnel across nearly 50 companies acquired shares worth ₹284 crore through ESOPs, as per BSE data. Notable participants included Rajeev Jain of Bajaj Finance, who picked up ₹40.5 crore in shares, and Wipro’s Malay Joshi, who acquired ₹13.5 crore worth. Executives from firms like 360 ONE Wealth, JB Chemicals, HDFC AMC, and Mahindra & Mahindra also made significant purchases. The IT and financial services sectors led the trend, despite the Nifty IT Index seeing a 15.4% decline this year. The growing uptake highlights continued confidence in long-term value creation through equity ownership.
That wraps up this edition of Fables of ESOPs! March 2025 was marked by major buybacks, fresh stock grants, and a continued push toward equity-based rewards across industries. From Paytm’s performance-linked revamp to Dezerv and Even Healthcare’s liquidity events, companies reaffirmed their belief in employee ownership. Meanwhile, SEBI’s proposed relaxation on ESOP rules for startup founders sparked optimism across the ecosystem.
As regulatory frameworks evolve and companies mature, ESOPs are no longer just startup perks—they’re now foundational to compensation strategy. We’ll be watching closely to see how April unfolds—will policy shifts follow the momentum?
Until next month, stay vested.
