Used-car platform Spinny, on Tuesday said it has launched an employee stock option plan (Esop) for its staff.
All employees of the company would be eligible to receive stocks through the ‘Spinny stock option plan for all’.
“Since our inception, we have focused on nurturing a healthy working environment and a robust value system where we work to build a trusted relationship amongst all team members,” Niraj Singh, founder & chief executive officer, Spinny, said in a statement.
In December 2021, the Gurugram-headquartered unicorn had facilitated its first Esop buyback worth $12 million in which early team members including entry-level blue-collar employees were able to benefit.
The startup was founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahuar. Backed by investors such as Tiger Global and Abu Dhabi Growth Fund, the company entered the much-coveted unicorn club in November last year when it raised $248.6 million as part of its Series E funding round.
Operating across the entire value chain of used cars, it has about 36 car hubs and is operational in 22 cities, including Delhi, Gurugram, Noida, Bengaluru, Mumbai, among others.
The company said it has also implemented other employee-friendly benefits in the recent past including Spinny Education Sponsorship Program, which provides education assistance to employees, salary advances and loans. It also offers products like flexi basket policy, employee referral policy, parental medical insurance policy, group personal accident policy, and term life insurance.
Spinny’s Esop plan comes at a time when some startups are offering lucrative wealth creation options to retain employees.
Last month, Accel-Backed social commerce platform CityMall had launched its first Esop buyback programme worth $1.3 million, benefitting 50 employees across core team members and the senior leadership of the company. Prior to that, fintech firm Niyo rolled out its second Esop plan.
