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Months after Unacademy faced backlash for reducing the ESOP exercise window, the edtech unicorn plans to buy back ESOPs worth ₹50 Cr.
Making the announcement on X, Unacademy Group CEO and cofounder Gaurav Munjal said, “Grateful to the board for carving out a cash pool for the employees even though the valuation is significantly less than our last fundraise,” he said.
He said more than 8 employees will earn more than ₹1 Cr from the buyback exercise. While 17 employees will earn more than ₹50 Lakh, 38 employees will bag around ₹10 Lakh.
Notably, Unacademy was in talks with upGrad for an acquisition, However, the deal fell through due to differences in valuation.
In December last year, Munjal had officially confirmed that Unacademy was in talks for acquisition.
(The story will be updated soon)
The post Unacademy To Buy Back ESOPs Worth ₹50 Cr appeared first on Inc42 Media.
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