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New Delhi-based online gaming startup WinZO has announced its third round of employee stock ownership plan (ESOP) liquidation, providing an opportunity for eligible team members to partially liquidate their vested ESOPs.
The startup said it executed its first and second ESOP liquidation programs for its current and former teams in 2021, amidst the tumultuous times of the Covid-19 pandemic. It aims to recognise and reward the efforts of its team members.
According to the company's statement, The liquidation is available to those employees who has been with the company for two years.
In 2021, the company provided Hike, one of its early investors, with a complete exit, resulting in a four-fold return on their investment within two years.
Founded in 2018 by Saumya Singh Rathore and Paavan Nanda, WinZO has accomplished three rounds of ESOP liquidation in less than five years since its establishment,
WinZO co-founders Paavan Nanda and Saumya Singh Rathore in a joint statement said, “Over the last 12 months, our business has grown at a velocity that has helped us cross an inflexion point to build a truly remarkable enterprise in the field of gaming and entertainment. As any pure technology company should be, we consider our team and our people the biggest asset of WinZO. In light of the past and what the future holds, we have conducted our third ESOP liquidation event as an expression to share the value that the team has built so far and buckle up to go for much bigger goals. Achieving this feat, especially, in such a macroeconomic environment where the startup ecosystem is experiencing a “funding winter” with lofty valuations being reset, is a testimony of our strong business fundamentals and disciplined approach towards venture building. It’s also reflective of the massive potential we are going to unlock over coming years to emerge as one of the most remarkable consumer tech companies in the world.”
Notably, The gaming startup has been recognised with a Great Place to Work certification in 2022.
WinZO has secured a cumulative funding of $100 million through multiple funding rounds, with investments from various notable entities including Griffin Gaming Partners based in California, gaming funds like Maker’s Fund and Courtside Ventures, and India-based VC Kalaari Capital.
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