Spinny, a pre-owned car retailing platform, announced the completion of a $12 million (approximately Rs 90 crore) ESOP buyback for its current and former employees on Tuesday. Spinny, which recently added former cricketer Sachin Tendulkar as a strategic investor, has facilitated the first ESOP (employee stock ownership plan) buyback.
ESOP is an employee benefit plan that gives workers ownership interest in the company.
“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 completion of a $283 million Series E investment round from global investors, giving it a $1.8 billion valuation.
