Founded in 2015, Cashfree claims to process transactions worth about $80 billion annually for over a million businesses.Cashfree Payments has announced an Employee Stock Option Plan (ESOP) buyback for over 400 employees, including 175 who no longer work at the company.
ESOP buybacks are one of the few ways in which startups incentivize employees for their longstanding commitment. It is a form of compensation typically given to early employees and is often used as a retention tool.
Bengaluru-based Cashfree did not disclose the buyback size or the valuation at which they are buying back the shares.
“As a company that has always put employee wellbeing first, we see ESOPs not merely as a retention tool or a future promise, but as a tangible way to participate in wealth creation and ownership. Whether someone is building with us today or helped lay the foundation in our early years, this buyback is about recognising real contribution and sharing the outcomes of growth,” said Akash Sinha, CEO & co-founder, Cashfree Payments.
Founded in 2015, Cashfree claims to process transactions worth about $80 billion annually for over a million businesses.
The company has been focused on cross-border payments after receiving the necessary approvals and said it currently accounts for 10 per cent of the company’s revenue with an aim to scale it to nearly 25 per cent by 2030.
This buyback comes at the turn of its 10-year anniversary.
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