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Investment platform Upstox to buyback shares worth Rs.29-Cr from founders, staff

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Online investment platform Upstox is going to execute a share buyback plan worth around INR 29 crore (USD 4 million) from its founders and employees representing 286,598 equity shares. This buyback appears to include the first ESOP liquidity program being executed by the company since its inception. The Mumbai-based company will be executing the buyback at a price of INR 1,007 per share valuing the buyback at INR 28.86 crore (19.93% of the paid-up equity capital and free reserves.) Importantly, around 61.2% of the total buyback amount i.e INR 17.65 crore worth shares are to be bought back from the promoters or founding team of Upstox: Ravi Kumar, Shrinivas Vishwanath, Kavitha Subramanian. The buyback will also include vested ESOP options from the employees of the company. In November last year, Upstox had picked up USD 25 million from existing investor Tiger Global at a valuation of USD 3.3 billion. The company turned unicorn during the tranche.