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The development comes after Scapia raised $63 million in a Series C funding round in May led by General Catalyst.
The Bengaluru-based company said the initiative will benefit 199 individuals, including 73 existing employees and 126 former team members.
The ESOP buyback will benefit more than 500 former and current employees of CoinDCX.
The initiative allows current and former employees with vested stock options to monetize their holdings.
This comes as employee stock options at Paytm have been under regulatory scrutiny over the past year.
The stock option grant was cleared by the company's Nomination and Remuneration Committee for distribution among eligible employees.
The latest transaction has taken the private equity major's stake in PhonePe from 4.4% to 9%.
Around 1,000 employees from the company's 12,000-strong workforce are currently eligible to participate in this buyback initiative.
