On Thursday the fintech major announced their third ESOP, which will benefit a total of 750 current and previous employees. ESOP worth USD 10 million will be taken place. The buyers of the issue will be Razorplay’s key investors namely Sequoia Capital India and GIC.
Both the existing and former who held stocks will be able to sell 33% of the total ESOP shares held by them during this process.
Razorpay for the last three financial years is holding ESOP. The buyback of ESOP in the start-up sector has been a major source of wealth creation for employees. The company currently has a total of 1350 employees with the total value of the company at USD 1 billion.
CEO and co-founder of Razorpay Harshil Mathur said that the reason for the company’s success was attributed to its employees. The ESOP buyback program was a way for the company to give back to its employees for their part in the organization and the creation of wealth ensuring that the employees grew with the company.
The first ESOP was held in November 2018. A total of USD 2 million ESOP transactions were done for 140 employees at a premium of 50% of the original value. The second ESOP was held in November 2019 in which a total of 400 employees were eligible. As of now, the company has given ESOP’S to 1000 employees.
Even during the pandemic Razorpay has seen notable growth, with over 550 employees hired in 2020 and plans to hire an additional 650 employees for engineering, product, customer experience, sales, and marketing roles.
The company supports online payments for several small and large companies such as Facebook, IRCTC, CRED, Zerodha, and Indigo to name a few.