Fintech startup CRED has bought back shares worth $1.2 mn from its employees. The share buyback completed on January 1, 2021, was a part of the startup’s $81 million Series C round. The startup is now valued at $806 mn where the latest round was led by DST Global where existing investors Sequoia Capital, Ribbit Capital, Tiger Global, and General Catalyst also participated.
According to the company, about 10 percent of CRED’s captable is currently allocated to employees and those who held vested stocks were eligible to sell up to 50% of their shares back to the startup in its first ESOP liquidity program. “We believe that startups should think about creating wealth for every shareholder, including employees.” said Kunal.