Paytm has allotted 2,309 equity shares to eight WeavedIn employees under the ESOP Scheme 2008 at an exercise price of Rs 90 per share. The six employees along with two co-founders have been collectively allocated the ESOPs worth Rs 4.8 crore.
WeavedIn’s flagship product Weaver was a cloud based point of sale that used to help offline merchants with invoicing engine, inventory management and customer relationship management. Paytm’s deal with WeavedIn was more of an acquihire than an acquisition.
WeavedIn’s co-founders Jose kuttan and Jacob Pattara have been allotted Rs 1.73 crore and Rs 1.51 crore worth stocks respectively.