Home Tech Razorpay’s Announces Sale of Fresh Secondary Shares for $ 75 Million, Its...

Razorpay’s Announces Sale of Fresh Secondary Shares for $ 75 Million, Its Largest ESOP Redemption to Date, Lightspeed Involvement, Moore Ventures

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Fintech unicorn Razorpay has announced its latest secondary sale of shares. And at $ 75 million, this share sale is the largest by Razorpay since its inception in 2014. It also comes after a pre-buyout of ESOP shares of $ 10 million, back in March 2021.

Led by Lightspeed Venture Partners and including Moore Strategic Ventures, headquartered in New York, the round is open to 650 current and former Razorpay employees in a variety of roles, including software engineers, product managers, and customer service agents. , sales and administrative staff. They will be able to sell up to 30% of their ESOP shares, which will be redeemed at a 14% discount evaluation Razorpay in December 2021 – $ 7.5 billion.

Both Lightspeed Venture Partners and Moore Strategic Ventures will join Razorpay as investors, and its early angel investors will give up their stakes in the unicorn.

Razorpay’s latest (and largest) ESOP buyout is the second largest in the Indian startup ecosystem, ranking after the Flipkart buyout worth 600 crore crore in July 2021. It will be completed in the next few weeks.

According to co-founder and CEO of Razorpay Harshil Matura, the current sale of ESOP will not affect the assessment of the technological unicorn. As mentioned earlier, in December 2021 it was valued at $ 7.5 billion after a new round of funding of $ 375 million.

“As part of the deal, the company’s valuation has not changed. The company is not even going to be involved in the deal. These are investors who wanted to invest in the company. But we are very well capitalized, so we decided to use this opportunity to create wealth for our employees, ”Matur said.

This comes after the unicorn, which recently entered the international market with the acquisition of Curlec, received strong growth over the past year (300% growth) and aims to reach $ 90 billion in TPV (Total Payments) by the end of the year. In addition, it expects to increase its trading base from eight million to 10 million by the end of the year.

https://thetechportal.com/2022/05/10/razorpays-announces-75mn-fresh-secondary-share-sale-its-biggest-esop-buyback-to-date-lightspeed-moore-ventures-participate/

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