New Delhi, Feb. 27 -- Edtech firm Unacademy has initiated a Rs.50 crore employee stock ownership plan (Esop) buyback, offering liquidity to employees at a time when the company's valuation has fallen significantly below its 2021 peak.

"Grateful to the Board for carving out a cash pool for the employees even though the valuation is significantly less than our last fundraise," co-founder and chief executive Gaurav Munjal said in a post on X on Friday.

The buyback signals an attempt by the company to reward and retain talent after two years of turmoil owing to the founders' plans to exit the firm.

According to Munjal, eight employees will receive over Rs.1 crore each under the programme, 17 will receive more than Rs.50 lakh, and 38 more t...