Paytm, the fintech unicorn, is one of the largest spenders on ESOPs in India. In FY24, it allocated ₹761 crore for ESOPs, even as its net loss stood at ₹650 crore. Paytm's strategy focuses on retaining top executives by offering substantial stock options, particularly in the lead-up to its IPO. While this approach has helped retain key talent, it has drawn criticism due to the impact on profitability. As Paytm navigates towards financial stability, ESOPs continue to play a crucial role in maintaining employee morale and loyalty amidst market fluctuations. The company's ability to balance these costs with investor expectations will shape its future trajectory.