This is the first ESOP buyback that the company facilitated.
Spinny, a full-stack used car buying and selling platform in India, announces the completion of USD 12Mn ESOP buyback. The buyback was open for both current and ex-team members. This is the first ESOP buyback that the company facilitated.
Recently, the company announced the closure of USD 283 Mn series E funding round from global investors – Abu Dhabi based ADQ, Tiger Global, Avenir Growth, Feroz Dewan’s Arena Holdings – and strategic investor – Sachin Tendulkar (Indian cricket legend); the company is now valued at ~USD 1.8 Bn.
Commenting on this, Niraj Singh, Founder & CEO, Spinny said “The ESOP pool was constituted to ensure that our team members are rewarded for their belief in Spinny’s vision, and relentless hard work that goes in turning vision into reality. Our belief from the beginning is to build an institution that earns trust by providing complete transparency and a standard experience to each of our buyers. It is imperative to nurture a working culture that inspires each and every team member to do the best work and have a say in all internal processes and decisions with a shared ownership approach in the truest sense. We are grateful to each member of the Spinny family for their determination and contribution in making us Spinny®.“
Spinny’s reward philosophy is centered around modern thinking fueled by compassion, team-work, and shared ownership.
Source: Business World