Across the years, point of sale (POS) device company Pine Labs has risen as a wealth originator for its stakeholders. Initial backer Sequoia scored a jackpot on its investment in the Delhi-based unicorn. So far, it has offloaded shares worth $180 million to PayPal, MasterCard, Temasek, and Madison India.
While the growth saga continues for the company, Pine Labs has compensated its representatives with more stock options this year. Regulatory filings show that the firm has allotted 60,430 ordinary shares of Pine Labs’ parent entity to 15 senior executives as ESOPs.
Diverse of Pine Labs’ top bar leaders including Executive Chairman Lokvir Kapoor, Chief Technology Officer Sanjeev Kumar, and Vice-President Rakesh Sharma had raked in around $31 million through a subsequent stake sale in May.
Arun Sarin, former Vodafone India CEO and a board member of Pine Labs, is the second-largest beneficiary with an allotment of $4.78 million worth ESOPs. Kush Mehra, a chief business officer for over 8 years, received stocks that are valued at $2.07 million. CTO Kumar stood out as the largest beneficiary with the allotment of 24,000 shares worth nearly $5.52 million, the filings in Singapore show.
It’s worth noting that besides Sequoia and the aforementioned top executives, around 85 employees across levels also made money during secondary transactions in the last five years.
According to our Research Department, Pine Labs was considered north of $1.5 billion by Mastercard in May this year. Throughout its last fundraise, Mastercard Asia Pacific had infused $70 million in Pine Labs via primary stake acquisition while the rest of the $100 million round came via subsequent proceedings where Sequoia and many individuals diluted their stake.
Many growth-stage startups including Paytm, Byju’s, Rivigo, Swiggy, and Zomato have allotted fresh ESPOs whereas several firms allowed employees to divest as well.