WinZO concludes third round of ESOP liquidation

Online gaming startup WinZO has announced its third round of ESOP liquidation, providing an opportunity for eligible team members to partially liquidate their vested ESOPs, said a statement issued by the company.

The startup had executed its first and second ESOP liquidation programmes for its current and former teams in 2021, amidst the Covid-19 pandemic.

The third round is available for everyone who has served a minimum of two years with the company, encompassing approximately 25% of its current workforce, including all the early team members.


The announcement comes amid tough market conditions and a funding winter, and demonstrates the company's belief in its business growth. It has carried out this ESOP liquidation exercise using the its existing cash reserves, without relying on any new external funding sources.

“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 our biggest asset. 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," said Paavan Nanda and Saumya Singh Rathore, co-founders of WinZO.

The firm has secured a cumulative funding of $100 million through multiple funding rounds, with investments from Griffin Gaming Partners based in California, gaming funds like Makers Fund and Courtside Ventures, and India-based VC Kalaari Capital.
Its product boasts a user base of over 130 million registered users and facilitates more than four billion monthly micro transactions.

The Indian gaming industry presents a significant opportunity, estimated at $10 billion, over the next five years.