The year 2025 turned out to be an eventful one for Indian startup IPOs. Over 15 new-age tech companies, spanning sectors like fintech, cleantech and coworking, hit the bourses, underscoring the scale of opportunities emerging across the new-age tech ecosystem. 

This surge reflected not just investor confidence but a maturing ecosystem, which offers thousands of startup employees a window to convert their stock options or ESOPs into tangible wealth. 

As companies moved from private to public markets, ESOP holders benefited from greater liquidity, clearer valuations, and the ability to monetise future potential. 

Even for startups that are bound for IPOs, ESOP buybacks became a strategic tool to reward long-serving employees. A case in point being PhonePe’s INR 700 Cr to INR 800 Cr buyback for about 1,000 employees. 

Growth-stage startups, too, executed ESOP buyback programmes to attract talent, boost morale, and strengthen financial narratives. Overall, 12 Indian startups conducted ESOP buybacks, helping more than 9,200 employees unlock wealth worth over INR 1,409 Cr ($158 Mn) in 2025, according to Inc42 data.

However, overall buyback value dipped marginally this year on a YoY basis and so did the number of startups who rolled out ESOP buyback programmes. In 2024, ESOP liquidity programmes were undertaken by 23 startups, helping employees realise INR 1,448 Cr Mn ($170 Mn then) in wealth.

With 2025 nearing its end, Inc42 is back with its flagship ‘Year in Review’ series. So, without ado, let’s take a look at the ESOP buyback programmes that reshaped wealth for startup employees this year.

Editor’s Note: This is not a ranking of any kind, the startups have been listed alphabetically 

Darwinbox’s ESOP Buyback Benefited Over 350 Employees 

HR tech unicorn DarwinBox completed INR 86 Cr (around $9.7 Mn) ESOP buyback, its third one in four years, in June. The exercise benefitted more than 350 employees across its 11 offices in India, North America, Southeast Asia and the Middle East.

“Even as we invest deeply in innovation and global growth, we remain equally committed to creating meaningful  outcomes for our people. This buyback, like the ones before, reflects our belief in sharing success with our people and building a culture of ownership,” Darwinbox cofounder Jayant Paleti said.

The buyback was announced months after the startup raised $140 Mn in a round co-led by Partners Group and KKR in March.

Founded in 2015 by Paleti, Chaitanya Peddi and Rohit Chennamaneni, Darwinbox provides a cloud platform for businesses to manage their day-to-day HR operations. It leverages AI and ML to provide recruitment, onboarding, payroll, travel, and people analytics solutions.

It has raised a total funding of about $295 Mn to date from marquee names like Microsoft, Peak XV Partners, Salesforce Ventures, among others.

Decentro Launched Maiden ESOP Buyback Programme

Fintech startup Decentro announced its first ESOP buyback programme in June. The initiative, which targeted early team members who joined during the startup’s foundational years, allowed employees to sell up to half of their vested stock options.

Decentro didn’t disclose the quantum of the ESOP buyback programme. However, it said that the initiative delivered 3X to 10X returns on the original strike prices. 

Founded in 2020 by Rohit Taneja and Pratik Daudkhane, Decentro operates a full-stack banking and fintech infrastructure platform that provides various payments and banking solutions to enterprises. Decentro counts the likes of CRED, CashE, Ninjacart, MoneyTap, and AU Small Finance Bank among its clients.

Earlier this year, the startup raised INR 30 Cr (around $3.5 Mn) in its Series B round led by InfoEdge Ventures.

Dezerv Bought Back INR 46 Cr Worth ESOPs 

Wealthtech startup Dezerv completed its ESOP buyback programme in March, facilitating liquidation of vested stock worth INR 46 Cr (around $5.3 Mn). However, the Accel-backed startup did not disclose the number of employees who benefited from the programme.

It said that the ESOP liquidity programme gave an opportunity to its early employees to generate wealth.

“We remain committed to delivering the highest quality investment experience to India’s wealth creators. A crucial part of ensuring this is the motivation and alignment of the team with our values. This ESOP buyback is one among many such aspects to our culture,” said Dezerv cofounder Sandeep Jethwani. 

Founded in 2021 by Jethwani, Sahil Contractor, and Vaibhav Porwal, Dezerv provides customised wealth management solutions, particularly targeting senior working professionals and high-net-worth individuals, across multi-assets and vehicles.

In October, the startup raised INR 350 Cr (about $40 Mn) in its Series C round led by existing investors Premji Invest and Accel. Overall, Dezerv has raised about $100 Mn from investors like Whiteboard Capital, Blume Ventures, among others.

Even Healthcare Rolled Out Maiden $500K ESOP Buyback

Healthtech startup Even Healthcare announced its first-ever ESOP buyback, valued at $500K, (INR 4.46 Cr) in March. The startup said that the buyback programme was executed at its primary valuation without any discount.

Even Healthcare then said that it grants stock options to every full-time employee under the same terms as its founders. The startup also claimed to provide guaranteed refresher benefits to ensure continuous stock-based rewards for employees. 

The ESOP buyback was announced five months after the startup bagged $30 Mn (around INR 252 Cr) in its Series A round led by Khosla Ventures in October last year. 

Founded in 2020 by Matilde Giglio, Mayank Banerjee and Alessandro Ialongo, Even Healthcare provides health covers for individuals and businesses. It charges an annual fee for services like doctor consultations, diagnostic tests, and preventive care, with optional health insurance for hospitalisation.

Flipkart Launched $50 Mn ESOP Buyback For 7,500 Employees

Ecommerce giant Flipkart announced a $50 Mn (nearly INR 430 Cr) ESOP buyback programme, which valued the company at $35 Bn, in July this year. 

The Walmart-owned company said that the programme would benefit 7,000 to 7,500 employees. In an internal note, Flipkart CEO Kalyan Krishnamurthy said that employees could liquidate up to 5% of their outstanding options vested in the three years preceding July 5, 2025 at a price of $174.32 (about INR 14,954) apiece. 

He added that the company may conduct another ESOP liquidity event early next year if it achieves its key goals this year. 

Notably, Flipkart is currently gearing up for a mega IPO, most likely next year. As part of its preparations, the company is in the process of reverse flipping to India. With an eye on a listing in 2026, the ecommerce giant is trying to retain talent amid the ongoing quick commerce war and push for growth and profitability. 

On the financial front, its marketplace arm Flipkart Internet’s revenue jumped 14.4% YoY to cross the INR 20,000 Cr mark in FY25. It also managed to slash its net loss by 37% to INR 1,494 Cr.

Headout’s Second ESOP Buyback For Over 250 Employees

On-demand travel experiences platform Headout undertook an ESOP buyback programme in July. More than 250 employees across its 11 global offices participated in the buyback, fully funded through the startup’s balance sheet. 

Founded in 2014 by Suren Sultania, Varun Khona, and Vikram Jit Singh, Headout is a managed marketplace that helps individuals explore curated experiences in various cities around the world. 

The travel tech startup has raised about $65 Mn in funding from investors like Nexus Venture Partners, Version One Ventures, Glade Brook Capital, and more.

InsuranceDekho Rolled Out Maiden ESOP Liquidity Scheme

Insurtech major InsuranceDekho rolled out its first ESOP liquidity programme, valued at $2 Mn (INR 17.9 Cr), in October 2025. Around 150 current and former team members took part in the secondary sale, which enabled employees to partially encash their vested stock options.

The startup was also said to be looking to broaden its ESOP pool with fresh grants, ensuring employees across roles continue to capitalise on the startup’s growing scale.

Founded in 2017 by Ankit Agrawal and Ish Babbar, InsuranceDekho was initially launched as the insurance arm of CarDekho, before being spun off as a separate business. It distributes motor, health and life insurance products through a wide network of point-of-sales (PoS) agents and its digital platform.

In March 2025, the startup raised $70 Mn (around INR 611 Cr) in a round co-led by Beams Fintech Fund, MUFG and BNP Paribas Cardif to strengthen its tech stack and expand distribution.

Last month, the Competition Commission of India (CCI) approved the merger of InsuranceDekho and RenewBuy.

IPO-Bound PhonePe Launched INR 800 Cr ESOP Buyback

Fintech major PhonePe launched an ESOP buyback programme worth up to INR 700 Cr to INR 800 Cr in September. At least 1,000 PhonePe employees were eligible under the ESOP buyback programme. 

At the time, sources told Inc42 that the number of employees could go up as the company may increase the size of the buyback programme. 

PhonePe parent Walmart booked a $700 Mn (INR 6,254 Cr) non-cash, share-based compensation charge in Q3 FY26 for the fintech company. The buyback programme came prior to the fintech major filing its DRHP with Securities and Exchange Board of India (SEBI) via the confidential pre-filing route. 

PhonePe is looking to raise about INR 12,000 Cr ($1.35 Bn) via its public issue. 

Rapido: First-Ever ESOP Buyback By Ride-Hailing Startup

Ride-hailing unicorn Rapido announced its first-ever ESOP liquidation programme for current and former employees in February 2025. At the time, the unicorn said that eligible employees would be able to sell a portion of their vested ESOP units “immediately” under the initiative. 

The ESOP buyback programme was aimed at “enhancing employee satisfaction and retention”.

Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido initially provided bike-taxi services. Since then, the decade-old startup has forayed into the auto-rickshaw segment, cab aggregation, and even food delivery with Ownly.

The unicorn has raised more than $550 Mn in funding to date from the likes of Prosus, WestBridge Capital, TVS Motor, and Nexus Ventures. 

Rapido is said to be in talks to raise $500 Mn to $550 Mn in a mix of primary and secondary transactions, including Swiggy’s $270 Mn stake sale. Swiggy exited Rapido following the latter’s entry in the food delivery segment.

 

Univest Completed Maiden INR 1.6 Cr ESOP Buyback

Wealthtech startup Univest concluded its first ESOP buyback, totalling INR 1.61 Cr, in June. The programme enabled early employees to liquidate a portion of their ESOPs. 

The programme was limited to employees who joined the company during the seed and pre-Series A stages. The buyback was intended to align long-term incentives with its growth trajectory, said Univest. 

Founded in 2022 by Pranit Arora, Avneet Dhamija and Vikash Agrawal, Univest provides advisory to retail investors, enabling them to take informed trading decisions using AI-driven tools.

The startup raised $10 Mn in its Series A funding round led by Bertelsmann India Investments (BII) in December last year.

SpeakX’s ESOP Programme Benefits 75% Staff 

In November, edtech startup SpeakX (formerly Yellow Class) introduced its first ESOP buyback initiative worth $1 Mn, providing liquidity to most of its employees. The startup said that 15 out of its 20 team members will benefit from the scheme.

The edtech startup also said that employees, who have completed two years, would receive ESOPs with a 10-year exercise period, and the grants would extend across all functions rather than being limited to senior roles.

The buyback followed SpeakX’s $16 Mn pre-Series B funding round, which saw participation from Goodwater Capital, existing backer Elevation Capital, and others. 

Founded initially as Yellow Class in 2020 by Arpit Mittal and Anshul Gupta, the startup initially offered free extracurricular and co-curricular classes for children in the 3-12 years’ age group. In 2023, Gupta exited the company. Subsequently, in January 2024, the startup pivoted to offer personalised English learning courses by leveraging AI. 

1 Finance’s ESOP Buyback At INR 400 Cr Valuation 

Fintech startup 1 Finance announced an ESOP buyback scheme earlier this year, benefiting over 33% of its workforce. The initiative was structured to reward both early founding members and key hires who joined later.

The startup, which launched the scheme within four years of its inception, undertook the buyback at a hefty valuation of INR 450 Cr. 1 Finance claimed that the initiative aligned with its broader vision of linking financial outcomes to performance and tenure.

Founded in 2021 by Jeet Marwadi and Keval Bhanushali, 1 Finance offers financial and investment planning, and advisory services. Operating on a hybrid model, the Mumbai-based startup has a peer-to-peer (P2P) non-banking financial company (NBFC) licence and a category II alternative investment fund (AIF) licence.