Under the scheme, eligible employees could sell up to 25% of their vested stock options. The offer was extended across teams and roles, allowing a wide set of employees to participate.
Alongside the buyback, Atlys has also introduced an option enabling staff to increase their long-term ownership in the company.
Commenting on the move, founder and chief executive Mohak Nahta said, “We’ve always believed that the people building Atlys should share in the value they help create. This buyback is an important milestone in that journey.”
The development follows closely after Atlys raised $36 million in a round led by Susquehanna Asia VC in March. Existing backers Elevation Capital, Long Journey Ventures, and Peak XV Partners also participated, while travel platform MakeMyTrip joined as a new investor.
At the time, Nahta had said, “Atlys is on a 700,000 annual visa run rate, and as rising incomes drive a surge in global travel and cross-border experiences, the scale of the opportunity ahead is significant. Our mission is simple: remove the barriers that prevent people from exploring the world.”
So far, the startup has secured more than $71 million in funding.
Founded in 2021 by Nahta, a former Pinterest engineer, Atlys aims to simplify visa applications for travellers. The platform claims to reduce processing times across destinations while also lowering rejection rates.
In FY25, Atlys reported revenues of Rs 31.84 crore, up from Rs 9.61 crore in FY24, based on filings with the Registrar of Companies. Net loss for FY25 stood at Rs 60.08 crore, compared to Rs 23.41 crore a year earlier, a 2.5x increase.
The company said that it has expanded its footprint beyond India, entering markets such as the UAE, the US, the UK, and Australia. These markets now comprise nearly half its revenues.