Spinny, a full-stack used car buying and selling platform in India, announces the completion of $12 million ESOP buyback. The buyback was open for both current and ex-team members. This is the first ESOP buyback that the company facilitated.
Recently, the company announced the closure of $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 (Indian cricket legend); the company is now valued at ~USD 1.8 Bn.
Niraj Singh, Founder & CEO, Spinny said, “It is imperative to nurture a working culture that inspires each and every team member to do the best work and have a say in all internal processes and decisions with a shared ownership approach in the truest sense.“
