Under its ESOP Plan 2018, business-to-business (B2B) e-commerce unicorn Zetwerk has introduced a new employee stock option valued at Rs. 541 crore, or roughly $64 million. For the Bengaluru-based company, this will be its first ESOP expansion of the current year.

Zetwerk's Employee Stock Option Plan 2018 has been amended by the board to include new 1,25,03,900 stock options for the company, according to a regulatory filing that can be accessed through the Registrar of Companies. Each and every ESOP option will be converted into equity shares.

Based on estimates, the current value of Zetwerk's entire employee stock options plan (ESOP) is about Rs. 1,145 crore, or 136 million. This plan includes 2,64,64,418 employee stock options. The company's ESOP pool has grown by 90% as a result of this.

Following the ESOP expansion, the company raised $90 million at a $3.1 billion valuation, led by Khosla Ventures and including The Schiehallion Fund.

Zetwerk is a three-year-old company that links suppliers and buyers for manufacturing jobs. It was founded by Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary. The company collaborates with offline vendors that fabricate, machine, cast, forge, and galvanize machine parts.

Zetwerk's gross revenue increased by 53% from Rs. 11,448 crores in FY23 to Rs. 17,564 crore in FY24, according to a press release from the company. The company did not reveal its earnings for the most recent fiscal year (FY24).