Razorpay set to buyback ESOPs worth $10 million – investors Sequoia and GIC will be the buyers
- The startup is holding an ESOP buyback for the third time.
- The ESOP buyback will be applicable to 750 employees across the organisation.
- In October 2020, Razorpay had turned into a unicorn with a $100 million funding round led by GIC and Sequoia India.
AdvertisementIndian fintech unicorn Razorpay has announced an ESOP (employee stock ownership plan) buyback worth $10 million or ₹73 crore, which will be applicable to 750 employees across the organisation.
The startup is holding an ESOP buyback for the third time. This year, its existing investors Sequoia Capital India and Singapore’s GIC will be buying the shares from the employees.
|ESOP buyback||Employees eligible|
“Our current and former employees, even as young as 23, will be eligible for this incentive, irrespective of ranks. The compensation will be rolled out to all our employees, be it software engineers, product managers, customer experience agents, or administrative staff. I believe there’s no better time than now to recognise the team for all their efforts and having trusted us in this journey,” Harshil Mathur, chief executive officer and co-founder, Razorpay said in a statement on Thursday.
In October 2020, Razorpay had turned into a unicorn - a firm with a billion dollar valuation - with a $100 million funding round led by investors GIC and Sequoia India.
Founded in 2014, by IIT Roorkee graduates Harshil Mathur and Shashank Kumar, Razorpay has made a name for itself in the Indian payments ecosystem. The startup has clients like Indigo, BSE, Thomas Cook, Reliance, SpiceJet, Aditya Birla, Sony and Oyo, among others.
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