Winzo completes fourth Esop buyback
Winzo has completed its fourth round of employee stock options plan (Esop) buyback, the company announced on Tuesday.
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This initiative allows eligible employees, approximately 30% of Winzo’s workforce, comprising team members with at least two years of tenure, to liquidate their vested Esops.
The buyback is part of Winzo’s strategy to attract and retain global tech-product talent, especially as the gaming industry faces challenges posed by 400% increase in GST cost and ongoing pressure from illegal offshore betting and gambling companies.
“At Winzo, we believe our talent is our greatest asset, and this Esop buyback programme reflects our commitment to celebrating innovation,” Saumya Singh Rathore and Paavan Nanda, founders of Winzo, said in a statement. “Despite the evolving challenges in the gaming industry, particularly recent taxation changes, our focus remains on supporting our team, and creating growth opportunities and innovating to work towards leadership in the globally $300 billion market, that today India claims only 1% of.”
In the last 12 months, the company has filed more than 25 technology patents across the world for its super computing technology, real-time communication innovation and AI applications in content creation and recognises that high-skilled and high-productivity talent is the most critical asset for the consumer tech industry that gaming forms a gateway to.
