Unacademy launches ₹50-crore ESOP buyback

EDTECH FIRM UNACADEMY has announced a ₹50 crore employee stock ownership plan (ESOP) buyback programme, a move aimed at providing liquidity to current and former employees just two months after the company drew sharp criticism, and ultimately reversed its decision to slash its ESOP exercise window from 10 years to 30 days.

- FE BUREAU

Co-founder and CEO Gaurav Munjal announced the buyback on X on Thursday, stating that eight employees stand to earn over ₹1 crore each from the programme. 17 employees are expected to receive upwards of ₹50 lakh, while 38 are likely to make more than ₹10 lakh. The company will reach out to eligible participants over the coming weeks.

“Grateful to the board for carving out a cash pool for the employees even though the valuation is significantly less than our last fundraise,’ Munjal said. Co-founder Roman Saini, in a separate post, framed the buyback as a gesture of goodwill toward employees who had stayed with the company through a difficult period.