This is the fifth year in a row Cars24 has announced Esop buyback plans for both existing and former employees, the statement added. The total value of Esop buyback announced till date is Rs.113 crore.
Commenting on the announcement Ruchit Agarwal, Co Founder & CFO, CARS24 said “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. We want to recognize 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.”
Cars24 said it has raised $400 million led by Alpha Wave Global in December 2021. This included a $100 million debt component which was sourced from investors like Commercial Bank of Dubai and IFM Investors in Australia.
Cars24 used the capital for large-scale refurbishing labs across the country and to improve the quality of cars before they are sold to customers. .
Founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Jangid, Cars24 became a unicorn in 2020 in a $200 million funding round led by DST Global.
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