Payments major Razorpay has announced its fourth and largest Employee Stock Ownership Plan (ESOP) worth $75 million (or Rs 578 crore) in which 650 existing and former employees sold their shares. The secondary share sale round saw the investment by leading investors, including Lightspeed Venture Partners and Moore Strategic Ventures. The fintech firm said that till now, through various ESOP sales, the company has created wealth opportunities for nearly 1940 employees.
Razorpay stated that it is looking at ESOP sale as one of the key wealth generation initiatives for its employees. Last year, the sale was worth $10 million (or Rs 73 Crore). This year, the company looks to benefit employees across roles – be it software engineers, product managers, customer experience agents, sales, and administrative staff. Current and former employees, as young as 22 who hold vested stocks of the company, will be eligible to sell up to 30 per cent of their vested ESOP shares.
“Today, we take this opportunity to honor our team but really, the honor is Shashank’s (co-founder) & mine. The last two years have been challenging for each one of us, and despite the challenges, our Razors stuck together and collectively guided the company through massive growth. I feel nothing but gratitude to see how every teammate in the company believes Razorpay to be their own family and sees it through every challenge. These ESOPs are a way to give back to our Razors and a small effort in making a difference in their lives,” said Harshil Mathur, CEO & co-founder, Razorpay.
“In the last year, Razorpay grew over 300 per cent and we plan to achieve $90 billion TPV (Total Payment Volume) by the end of 2022 - thanks to the efforts of our team, the significant digital adoption by small businesses who trusted us, and investors who believed in our vision and purpose. And towards building the financial ecosystem for millions of small and medium businesses, we are elated to add marquee tech investors - Lightspeed Venture Partners and Moore Strategic Ventures as partners in our journey,” Mathur added.
In December 2021, Razorpay became the most valued fintech company in India, raising $375 million as part of its Series F funding. This year, Razorpay forayed into the international markets with the acquisition of Malaysian fintech firm Curlec and also closed its fifth acquisition by acquiring payment technology start-up, iZealiant. Razorpay plans to increase its merchant count from 8 million to 10 million by 2022 and hopes for a year of significant growth in 2022
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