Spinny announces ESOP buyback

Spinny, a full-stack used car buying and selling platform, on December 21 announced completion of $12-million ESOP buyback. The buyback, said a company press release, was open for both current and ex-team members.

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. The company, said the release, is now valued at $1.8 billion.

Mr. Niraj Singh, Founder & CEO, Spinny, said, “The ESOP pool was constituted to ensure that our team members are rewarded for their belief in Spinny’s vision and relentless hard work that goes in turning  that vision into  reality.”