Bengaluru-based visa processing startup Atlys has announced its first-ever Employee Stock Ownership Plan (ESOP) buyback worth ₹4 crore. This move rewards early employees and boosts morale amid the company’s rapid growth. Founded in 2020 by former Swiggy executives Akshay Kothari and Vyas Ravesh Kumar, Atlys simplifies visa applications through its app, serving over 1 million users across 80+ countries.
The buyback allows eligible employees to sell vested ESOPs at a fair market value, reflecting Atlys’ strong financial health. In 2024, the company processed 2.5 million visas, a 3x jump from 2023, with revenue hitting $50 million (₹420 crore). It raised $35 million in Series B funding last year from Peak XV Partners and others, pushing valuation to $150-200 million. ESOPs were a key part of that round to retain talent.
“This buyback is our way of sharing success with the team that built Atlys,” said CEO Akshay Kothari. With 200+ employees, many joined pre-Series A when shares were valued low. The liquidity event comes as travel demand surges post-pandemic—India’s outbound tourism hit 30 million in 2025, up 20% yearly.
Atlys plans more buybacks and aims for unicorn status by 2027. Competitors like Air India’s visa arm lag behind, but Atlys leads with AI-driven approvals (95% success rate in 24 hours). This step signals maturity in India’s startup ecosystem, where ESOP buybacks are rare outside unicorns like Flipkart.
FAQs [Frequently Asked Questions]
1. What is an ESOP buyback?
An ESOP buyback lets employees sell company shares given as stock options at current market value, providing cash rewards without leaving the job. Atlys’ ₹4 crore program targets early joiners.
2. Why did Atlys announce this now?
With 3x visa growth to 2.5 million in 2024 and $50M revenue, Atlys shares success via liquidity. It retains talent amid high attrition and funds expansion.
3. What’s next for Atlys after the buyback?
Atlys targets unicorn status by 2027, more buybacks, and Southeast Asia entry. It leads with 95% fast approvals, processing visas for 1M+ users globally.
(Image Source- Entrackr)