India, Feb. 27 -- Months after Unacademy faced backlash for reducing the ESOP exercise window, the edtech unicorn plans to buy back ESOPs worth Rs.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 Rs.1 Cr from the buyback exercise. While 17 employees will earn more than Rs.50 Lakh, 38 employees will bag around Rs.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 conf...