E-commerce platform Cars24 has unveiled that they are initiating an ESOP (employee stock option plan) buyback worth Rs 75 crore to reward the company’s existing and former employees.
The e-commerce platform that deals in pre-owned vehicles which has raised around $850 million in funding in the last six months, values the total buyback to stand at Rs 113 crore.
Ruchit Agarwal, co-founder and CFO of Cars24, said that the announcement demonstrates the investors’ confidence in their business and the growth all the staff is witnessing. The company’s annual ESOP buyback plan is an extension of their appreciation for the employees.
“We want to recognise and reward them for their determination and drive to achieve the unthinkable by solving unique problems each day that haven't been solved before with respect to the used car market. For start-ups, ESOPs are a great way of attracting and retaining talent,” he commented..
2021 was a big year for the used car brand. In December 2021, Cars24 had raised $400 million in its Series G round of funding at a $3.3-billion valuation. Previously, they raised $450 million at a $1.84-billion valuation in September that kick-started their progress. They also consolidated their hiring plans by the appointments of the new CEO and CHRO.