Razorpay, a fintech unicorn, stated on Tuesday that it was providing all of its existing employees an employee stock ownership plan (ESOP) worth Rs 1 lakh each to commemorate its tenth year of operations.
Over 3,000 people are currently employed by the Bengaluru-based company. This amounts to around Rs 30 crore in total ESOP value.
Over two years have passed since the company announced a $75 million ESOP repurchase for 650 employees. ESOPs give workers a share in the business that can be redeemed at a specified price after a predetermined amount of time.
The payments Fintech is currently reverse flipping from the United States to India. The company aims to complete the domicile transition in 2025 and to list on the stock exchanges between 2027 and 2028.
"The culture of long-term thinking and value creation motivates us to recognise and reward our team's efforts through initiatives such as providing ESOPs to all employees. The next chapter offers much more, and I'm excited to build it alongside our Razors," said Shashank Kumar, Razorpay's co-founder and managing director.
In 2018, it conducted its first ESOP repurchase, allowing 140 employees to sell their vested shares. 650 current and former employees benefited from the $75 million ESOP repurchase in 2022.
It has expanded rapidly over the last ten years, reaching more than 300 million end users nationwide. Razorpay, which has an annualized payment volume (TPV) of $180 billion, has introduced more than 40 products annually. Payments for 80 of the 100 unicorns in the nation are powered by the fintech giant.
"When we started Razorpay in 2014, we didn't think of it as a start-up; it was a massive customer problem we wanted to fix - the complexity of integrating payment systems intrigued us," stated Harshil Mathur, co-founder and CEO of Razorpay. Up until now, that has served as the unifying denominator.
