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Payment solutions startup Razorpay on Thursday announced its third employee stock ownership plan (ESOP) buyback worth $10 million or 73 crore for 750 existing and former employees. Sequoia Capital India and GIC, two of Razorpay’s key investors, will be the buyers in this process, the company said.

All employees will be eligible to sell up to 33% of their vested ESOP shares, it said.

“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. 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.

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Razorpay had announced the first ESOP encashment in November 2018 for its 140 employees. The second sale occurred in November 2019, during which 400 employees were eligible. The company has so far awarded ESOPs to 1,000 employees, with current employees holding a majority share, it said.

ABOUT THE AUTHOR

Gopika Gopakumar

Gopika Gopakumar has worked for over 15 years as a banking journalist across print and television media. Her expertise lies in breaking big corporate stories and producing news based TV shows. She was part of the 2013 IMF Journalism Fellowship Program where she covered the Annual & Spring meetings of the International Monetary Fund in Washington D.C. She started her career with CNBC-TV18, where she also produced a news feature show called Indianomics and an award winning show on business stories from South India called Up South. She joined Mint in 2016.
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