ShareChat reveals its 1st ESOP buyback worth $190 mn
Nearly 200 existing and former employees with vested options are eligible to participate in this process.
FinTech unicorn Razorpay on Thursday announced its third employee stock ownership plan (ESOP) Buyback programme worth $10 million (about Rs 73 crore) that will benefit 750 employees.
The company said that all current, as well as the former employees of the company who hold vested stocks, will be eligible to sell up to 33 per cent of their vested ESOP shares.
Sequoia Capital India and GIC, two of Razorpay’s key investors, will be the buyers involved in this process.
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ESOP buybacks in the startup industry have been a source of significant wealth creation for employees. Razorpay has facilitated an ESOP buyback programme consequently for the last three financial year.
This ESOP Buyback is our little way of giving back to the “employees for their contribution and a form of wealth creation for all, as it is important for us to ensure that our employees also grow along with the company,” said Harshil Mathur, CEO and Co-Founders, Razorpay.
He added that company’s current and former employees, even as young as 23, will be eligible for this incentive, irrespective of ranks.
The company currently has an employee base of 1,350 people, had raised $100 million in series D funding in October last year.
Razorpay has seen significant growth even during the pandemic-hit year. The company has hired over 550 employees in 2020 and has recently announced plans of recruiting another 650 employees across engineering, product, customer experience, sales and marketing roles this year.
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