Pre-owned car retailing platform Spinny on Tuesday announced the completion of USD 12 million (about Rs 90 crore) ESOP buyback for its current and former employees. This is the first ESOP (employee stock ownership plan) buyback that Spinny, which recently onboarded former cricketer Sachin Tendulkar as a strategic investor, has facilitated. ESOP is an employee benefit plan that gives workers ownership interest in the company.
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, said Niraj Singh, Founder-CEO, Spinny. Spinny's belief from the beginning has been to build an institution that earns trust by providing complete transparency and a standard experience to each of its buyers, he said. 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, Singh added. The platform announced the closure of a USD 283-million Series E funding round from global investors, giving it a valuation of USD 1.8-billion.