Education: Tier - 1 (old IIT circuital)
Years of Experience: 7 months at a fintech MNC
Date of the Offer: Feb 2025
Company: PhonePe
Title/Level: Software Engineer (PhonePe has flat hierarchy)
Location: Bangalore (5 days WFO)
Salary: 19.25L
Relocation/Signing Bonus: 3L
Stock bonus: ESOPS: 8.5L vested over 4 years
Bonus: None
Total comp (Salary + Bonus + Stock): 22.25L + ESOPS
Benefits: Standard PhonePe Benefits
Other details: Tried to negotiate but the recruiter won't budge.

I feel like this offer is a low-ball given that they already offer 5L joining bonus on-campus. Negotiation can work only if I have a counter-offer which I don't currently have. I'm trying to get another offer in the meanwhile. Is there anything else that the community recommends?

UPDATE:

Negotiated with the recruiter with an expecting offer (didn't have one though). I sensed their desperatiion to close the position and stood my ground with the negotiation. So to make sure that I don't ditch them later with some other offer, they increased the numbers:

Salary: 20L (Matched the base)
Signing Bonus: 5L
Stock Bonus: 8.5 L over 4 years
TC: 25L + ESOPS (1st year)
Verdict: Accepted