Spinny – A used car buying and selling platform. (representative image)
Spinny, a full-stack used car buying and selling platform in India, has announced the completion of a $12 million ESOP buyback. The buyback was open to both current and former members of the team. This is the first ESOP buyback that the company has facilitated.
Recently, the company has raised a $283 million 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 – the Indian cricket giant. declare. The company is now valued at approximately $1.8 billion.
Commenting on this, Neeraj Singh, Founder and CEO, Spinny, said, “The ESOP Pool was formed to ensure that our team members are rewarded for their belief in Spinny’s vision, and The tireless work that goes into turning the vision into reality. From the very beginning it has been our belief to build an organization that earns the trust of each of our buyers by providing them with complete transparency and a standard experience. It is imperative to nurture a work culture that motivates every member of the team to do the best and to have a say in all internal processes and decisions with a truly shared ownership approach. We are grateful to each and every member of the Spinny family for their determination and contribution in making us spinny.”
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