Spinny Concludes First $ 12 Million ESOP Buyout Event

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Used car market Spiny, who recently morphed into a unicorn as part of the Series E funding round, announced the completion of its first Buyout of the Employee Share Ownership Plan (ESOP) plan worth $ 12 million. The buyout was open to current and former employees of the company.

Spinny has not commented on the number of employees who participated in the buyout or details of the event until the time of posting.

“The ESOP pool was formed to ensure that our team members are rewarded for their belief in Spinny’s vision and for their hard work in turning the vision into reality,” said Niraj Singh, Founder and CEO of Spinny , in a press release.

He added: “It is imperative to foster a work culture that inspires each team member to do the best job and have a say in all internal processes and decisions with a shared ownership approach in the real world. meaning of the term. We are grateful to each member of the Spinny family for their determination and contribution to making us Spinny.

The company recently raised $ 283 million from Abu Dhabi-based ADQ, Tiger Global Management, Avenir Growth, Feroze Dewan’s Arena Holdings and Indian cricketer Sachin Tendulkar, who came as a strategic investor.

Founded in 2015 by Niraj, Mohit Gupta and Ramanshu Mahaur, Spinny is currently rated at $ 1.8 billion. It rivals the tastes of Cars24, CarDekho and linked to the IPO bedroom.

Given the funding cycle and the demand for talent, several Indian startups have announced ESOP redemption events This year. Edtech companies like Simplilearn, Vedantu, upGrad as well as others like Meesho, Moglix and Locus have done ESOP buybacks this year thanks to fresh fundraising.

Others like Licious and Teachmint and others have also developed a continuous liquidity plan for ESOPs to retain talent.

Edited by Saheli Sen Gupta


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