Cars24, a used automobile marketplace, has confirmed its annual ESOP buyback of INR $10 Million to thank its workers. The ESOP buyback was launched by the startup at the beginning of 2022. For the previous four years, it has regularly led yearly ESOP buyback campaigns for both current and departed employees.
The entire value of the company’s ESOP buybacks to date is approx. $15 million
The cofounder and CFO of Cars24 expressed that this news illustrates their belief in the company and the rapid growth they are seeing. Ruchit Agarwal also added that the yearly ESOP buyback plan is a way of showing gratitude to their employees. This is in an attempt to recognise and honour them for their passion and desire to achieve the inconceivable by addressing unique difficulties in the used automobile industry on a daily basis that have never been solved before.
In December 2021, the car ecommerce platform received $400 million in Series G fundraising headed by Alpha Wave Global. It received $450 million in Series F fundraising in September 2021, headed by DST Global, SoftBank Vision Fund 2, and Falcon Edge. It joined the unicorn club in 2020 after successfully raising $200 million in funding. Combined, $1.3 billion has so far been raised.
The autotech company reported $371.3 million in operational revenue in FY21. Cars24 is the worldwide ecommerce marketplace for pre-owned automobiles, founded in 2015 by Ruchit Agarwal, Gajendra Jangid, Mehul Agrawal, and Vikram Chopra. It intends to revolutionise the used automobile business by bringing the full process of finding, buying, selling, and financing online.