Sequoia, GIC To Enable Razorpay's $10 Mn ESOP Buyback
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India, March 4 -- Payments gateway major Razorpay, on Thursday (March 4), announced that its existing investors Sequoia Capital and Singapore's GIC are buying back shares worth $10 Mn (INR 73 Cr) from its workforce under the employee stock ownership programme (ESOP).
About 750 former and current employees at the fintech unicorn are eligible to sell 33% of their allocated ESOP shares in this exercise. The average size of this sale among the staff is in the range of INR 11 Lakh - INR 15 Lakh per person, though it will differ for each employee. Typically, anyone who has worked with the company for a year holds these stocks.
Razorpay currently has a workforce of 1,300 employees and is planning to hire another 650. The company's CEO and cofo...
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