Companies

Unacademy announces its second ESOP buyback

Our Bureau Bengaluru | Updated on October 15, 2020 Published on October 15, 2020

Buyback likely to mop up ₹25-30 crore

Unicorn edtech start-up Unacademy announced an ESOPs buyback on December 10, 2020, for its current and exited employees. The size of the buyback pool is likely to be ₹25 crore to ₹30 crore based on the number of ESOPs liquidated.

All vested ESOPs until December 10, 2020, will be eligible for the buyback, which current and exited employees may liquidate between 25 per cent and 100 per cent of vested ESOPs based on a specified scheme.

Eligibility

This is the start-up’s second such liquidity event since it was founded five years ago. It had conducted its first ESOPs buyout in September 2019. At that time the buyback pool was about a tenth of the current buyback size. Unacademy employees who have been granted ESOPs and who have completed more than one year with the company will be eligible to participate in this liquidity round.

Making the announcement in an internal note, Gaurav Munjal, co-founder and CEO of Unacademy, thanked employees for playing a crucial role in the company’s growth and encouraged them to continue their efforts to democratise education in the country.

Unacademy raises $50 million in Series D funding

Last month, the start-up raised $150 million in a round led by SoftBank Vision Fund 2, taking its valuation to $1.45 billion. Existing investors General Atlantic, Sequoia Capital, Nexus Venture Partners, Facebook, and Blume Ventures also participated in the round.

Unacademy was founded by Gaurav Munjal, Roman Saini and Hemesh Singh in 2015. It was started as a YouTube channel by Munjal in 2010. It claims to have a network of 45,000 registered educators and 40 million learners.

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Published on October 15, 2020
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