Closely on the heels of expanding its ESOP pool earlier this year, the agriculture startup Bijak has now allotted bonus shares worth 99 Lakh to its co-founding team. The company has passed a resolution to allot 9,90,000 shares at Rs 10 each to its co-founders.
Nukul Upadhye has been allotted highest number of bonus shares, with 4,68,963 shares. This is followed by Mahesh Jakhotia and Daya Rai, who have been allotted 2,60,568 and 1,04,247 shares respectively. The other two co-founding members Nikhil Tripathi and Jitender Bedwal have been allotted 1,04,247 and 51,975 shares respectively.
With the allotment of bonus shares, the co-founding team’s stake in Bijak will certainly increase. In March this year (2021), the Delhi based agriculture startup had increased its ESOP pool options from 765 to 1,765.
It must be duly noted that Bijak had raised $12 Mn in a Series A round in April 2020. The early stage startup was valued around $80-100 Mn during this funding round.
Bijak aims to bring unprecedented accountability to India’s agriculture sector by creating reliable marketplace of buyers and sellers. It equally helps buyers in making informed trade decisions by virtue of their rating system.
As per Bijak’s official website, it has presence in several states including Maharashtra, Uttar Pradesh, Madhya Pradesh, Bihar and Uttarakhand. The company deals in more than 80 commodities, the website further claims.
The startup claims several high profile investors including Sequoia Surge, Omdiyar Network, Omnivore Partner and RTP Global.