Softbank-backed used-cars marketplace Cars24 on Wednesday announced its fourth employee stock ownership plan (ESOP) buyback worth $10 million or Rs 75 crore for the existing and former employees.
Operated by Cars24 Services Pvt. Ltd, the company claimed that for the last four years, it has been consistent in leading its ESOP buyback programmes annually, both for the existing and former staff.
The platform’s total ESOP buyback valuation has now climbed to Rs 113 crore.
“This announcement demonstrates our confidence in our business and the growth we are witnessing. Our annual ESOP buyback plan is an extension of our appreciation for our employees," said Ruchit Agarwal, Co-Founder and CFO, CARS24.
"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 startups, ESOPs are a great way of attracting and retaining talent," he added.
In 2020, the company unveiled its third ESOP buyback worth Rs 35 crore (around $4.7 million).
Cars24, set up in 2015, is a platform that helps consumers buy, sell and finance used cars by leveraging technology.
Its refurbishment lab allows the company to test used-cars before selling them to new customers.
The company recently entered the international markets of Australia, the UAE and Southeast Asia, and now plans to expand its presence across six-seven countries in 2022.
Last year, in December, the company raised $400 million led by existing investor Alpha Wave Global (formerly known as Falcon Edge Capital), among others. In September 2021, it raised $450 million including a $340 million Series F equity round coupled with $110 million debt from multiple financial institutions.
