Razorpay, the fintech platform announced on Tuesday that it had sold its fourth largest employee stock purchase plan (ESOP), to 650 current and former employees. It was a transaction of $75 million (roughly Rs 578 Crore).
Razorpay has helped 1,940 employees to create wealth at all levels.
Last year, the buyback was worth $10 million (Rs.73 crore). Razorpay held its first ESOP sales in November 2018.
According to the company’s announcement, all current and former employees (as young as 22) who own vested shares of the company can sell up to 30% of their vested ESOP stock.
“These ESOPs allow us to give back our ‘Razors,’ and a small effort at making a positive difference in their lives,” Harshil Matur, Razorpay CEO and Cofounder.
Moore Strategic Ventures was also involved in the ESOP purchaseback sale.
Employees have enjoyed significant wealth creation from ESOP sales within the startup sector.
Razorpay’s growth in the last year was over 300 percent. It plans to hit $90 billion in total payments volume by the end this year.
Razorpay, which raised $375 million in Series F funding, became India’s most valuable fintech company by becoming the highest-valued.
With the acquisition of Curlec Malaysian fintech business, Curlec, the company also entered international markets. It also completed its fifth acquisition, iZealiant, a startup in payment technology.
Razorpay intends to double its merchant count to between 8 million and 10 million in this year’s fiscal year.