Atlys, a startup focused on visa processing, has announced the buyback of employee stock ownership plans (ESOPs) worth ₹4 crore. This marks the company's first initiative of this kind.
Eligible employees were given the opportunity to liquidate up to 25% of their vested options, providing them with immediate liquidity. Mohak Nahta, founder and CEO of Atlys, emphasized the significance of this buyback, stating it offers employees a chance to enhance their ownership in the company while it expands globally.
The buyback coincided with Atlys's recent Series C funding round, where the company raised $36 million (approximately ₹331.8 crore) led by Susquehanna Asia VC, with contributions from MakeMyTrip and other investors.
Founded in 2020, Atlys operates as an online visa platform, facilitating e-visa applications for over 120 countries from India. Some of the popular destinations include the UAE, Australia, Japan, and Russia.
Currently, Atlys boasts an annual visa run rate exceeding 700,000 applications and has experienced significant growth, increasing 11 times since 2024. In addition to visa services, Atlys provides other travel-related solutions such as eSIMs, forex, and travel insurance.
Since its inception, Atlys has raised over $73 million from various investors, including South Park Commons and Andreessen Horowitz.
ESOPs are commonly utilized by startups to attract and retain talent while aligning employee interests with long-term company success. As the Indian startup ecosystem continues to thrive, the rising valuations are enhancing the value of these stock options.
In the previous year, 12 Indian startups executed ESOP buybacks, enabling over 9,200 employees to unlock wealth exceeding ₹1,409 crore (approximately $158 million), according to data from Inc42.
This year, notable startups such as Unacademy and BrowserStack have also announced similar buybacks, reflecting a growing trend in the industry.
