Bengaluru, May 10 (IANS): Fintech platform Razorpay on Tuesday announced its fourth and largest employee stock ownership plan (ESOP) buyback sale for 650 existing and former employees for a $75 million (nearly Rs 578 crore) transaction.

To date, Razorpay has helped 1,940 employees create wealth across levels.

Last year, the buyback sale was worth $10 million (Rs 73 crore). Razorpay conducted its first ESOP sale in November 2018.

The company said that the current and former employees, as young as 22 who hold vested stocks of the company, will be eligible to sell up to 30 per cent of their vested ESOP shares.

"These ESOPs are a way to give back to our 'Razors' and a small effort in making a difference in their lives," said Harshil Mathur, CEO and Co-founder, Razorpay.

The ESOP buyback sale was led by key investor Lightspeed Venture Partners, along with participation from Moore Strategic Ventures.

ESOP sales in the startup industry have been a source of significant wealth creation for employees.

In the last year, Razorpay grew over 300 per cent and plans to achieve $90 billion in TPV (total payment volume) by the end of this year.

In December 2021, Razorpay became the most-valued fintech company in India, raising $375 million as part of its Series F funding.

This year, it forayed into the international markets with the acquisition of Malaysian fintech firm Curlec and also closed its fifth acquisition by acquiring payment technology startup, iZealiant.

Razorpay plans to increase its merchant count from 8 million to 10 million this year.