India’s home grown video sharing app Mitron has rolled out its maiden ESOP scheme for its employees. The ESOP scheme has been titled as ESOP 2021. According to the regulatory filings, the Bengaluru bases company has allotted total 3,023 stock option under its maiden ESOS pool. Each stock option or equity share has been priced at face value of Rs 10 each.
The company has divided the stock options under Class A & Class B and the maximum vesting period has been kept four years.
Startups usually depend on ESOP schemes to retain their skilled employees. This invariably helps cash strapped startups in augmenting their long term growth.
Mitron raises INR 3.67 Cr from existing investors from 9Unicorns and Venture Catalyst
Mitron has also raised funding INR 3.67 from existing investors 9Unicorns and Venture Catalyst, regulatory filings revealed. However, this funding seems to be part of the seed funding round that the company had raised last year. Back then, the company said that it was raising 37 Cr or 5 Mn through seed funding round.
As per the filings, the Bengaluru-based company has allotted 357 convertible preference shares to 9Unicorns for its contribution of nearly INR 2.57 Cr. Venture Catalyst, on other hand, has been allotted 153 convertible preference shares for its contribution of INR 1.10 Cr. The shares have been named as Series Seed 2 CCPS shares.
Mitron’s competitor Chingari had recently raised $13Mn in pre-series A funding round. The company also managed to onboard Bollywood superstar Salman Khan as a investor.
India’s home grown video sharing apps have been under great spotlight ever since Chinese app TikTok got banned last year. Investors believe that India’s home grown apps will eventually be able to fill the huge market void left in the aftermath of TikTok ban. Following the recent ban of Snack Video (another Chinese app), the prospect of Indian apps filling this void has increased manifold.