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BENGALURU : Unacademy said on Thursday that it will repurchase shares worth $10.5 million from current and former employees as well as educators.

The buyback of shares issued under the employee stock ownership plan (ESOP) is the edtech’s third such programme in three years.

It is also the largest liquidity event announced so far by Unacademy for its employees, the company said in an internal note to employees.

Eligible ESOP holders will be allowed to liquidate between 20% and 100% of their vested units based on a specified scheme. While the size of the latest buyback pool is targeted at $10.5 million, the overall size will be based on the number of ESOPs liquidated by employees and educators, the company said.

Unacademy carried out its first ESOP buyback in September 2019, and the second in December 2020. In an industry first, Unacademy also announced the Teacher Stock Option Plan (TSOPs) for its educators in July this year.

Unacademy’s co-founder and chief executive Gaurav Munjal said at the time that more than 300 educators were eligible for TSOPs. He also said the company plans to give $40 million in grants to educators over the next few years.

Announcing the latest ESOP buyback in an internal note on Thursday evening, Munjal thanked the employees for playing a pivotal role in building Unacademy.

Currently, Unacademy has a network of more than 60,000 registered educators on its platform, with over 62 million learners across 10,000 cities.

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