Getty ImagesFintech unicorn Razorpay on Thursday announced its third ESOP (Employee Stock Ownership Plan) buyback program worth $10 million (Rs 73 Crore) for its 750 employees. All existing and former employees of Razorpay who hold vested stocks will be eligible to sell up to 33% of their vested ESOP shares.
Sequoia Capital India and GIC, two of Razorpay’s key investors, will be the buyers involved in this development, the company said in a press release.
The share sale is expected to benefit employees across roles - from team leaders to support executives to administrative staff. Razorpay’s 1,350 people team raised their $100 million Series-D funding in October last year.
“We’ve always said and believed that our employees are the reason for every success that we have had. They turned an unprecedented year into one of the strongest years for Razorpay. And 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-Founder, Razorpay.
“Our current and former employees, even as young as 23, will be eligible for this incentive, irrespective of ranks,” he added.
The compensation will be rolled out to all Razorpay employees, including software engineers, product managers, customer experience agents, and administrative staff.
Razorpay was one of the early stage companies when its first liquidity event through ESOP encashment occurred in November 2018 for its 140 employees then. The transaction was done at a 50% premium to the valuation. The second ESOP sale event occurred in November 2019, during which approximately 400 employees were eligible. The company has till date awarded ESOPs to 1000 employees, with current employees holding a majority share.
Razorpay has hired over 550 employees in the last year. Recently, the company also announced plans to hire 650 employees across engineering, product, customer experience, sales and marketing roles, in the next one year, on the back of more investment in product development, customer experience and new additions to the existing product portfolio.
Sequoia Capital India and GIC, two of Razorpay’s key investors, will be the buyers involved in this development, the company said in a press release.
Razorpay is one of India’s youngest startups to have facilitated the ESOP buyback program consequently for the last three years.
The share sale is expected to benefit employees across roles - from team leaders to support executives to administrative staff. Razorpay’s 1,350 people team raised their $100 million Series-D funding in October last year.
“We’ve always said and believed that our employees are the reason for every success that we have had. They turned an unprecedented year into one of the strongest years for Razorpay. And 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-Founder, Razorpay.
“Our current and former employees, even as young as 23, will be eligible for this incentive, irrespective of ranks,” he added.
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The compensation will be rolled out to all Razorpay employees, including software engineers, product managers, customer experience agents, and administrative staff.
Razorpay was one of the early stage companies when its first liquidity event through ESOP encashment occurred in November 2018 for its 140 employees then. The transaction was done at a 50% premium to the valuation. The second ESOP sale event occurred in November 2019, during which approximately 400 employees were eligible. The company has till date awarded ESOPs to 1000 employees, with current employees holding a majority share.
Razorpay has hired over 550 employees in the last year. Recently, the company also announced plans to hire 650 employees across engineering, product, customer experience, sales and marketing roles, in the next one year, on the back of more investment in product development, customer experience and new additions to the existing product portfolio.
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