Whatfix allots $4.3mn for ESOP buyback

Software-as-a-service (SaaS) platform, Whatfix, has started an employee stock ownership plan (ESOP) buyback of $4.3 million (about ₹32 crore) for its representatives, the organization said on Tuesday.

Through the buyback, Whatfix will permit representatives the option to liquidate up to 35% of their vested ESOPs.

This is the principal buyback by the organization where more than 80% of the qualified 175 employees have decided not to sell their vested shares, the organization said in a statement.

Both current and previous representatives will actually want to benefit the worth of offers at the series D, non-discounted valuation of the organization.

Last month, Whatfix raised $90 million as a piece of its Series D funding round drove by SoftBank Vision Fund 2, with support from existing investors Eight Roads Ventures, Sequoia Capital India, Dragoneer Investment Group, F-Prime Capital, and Cisco Investments.

With the fund raise, the organization’s valuation remains at nearly $600 million, the organization told to Mint.