Cars24, e-commerce platform for pre-owned vehicles, has announced its annual ESOP Buyback worth ₹75 crore to reward their employees. The value of total ESOP buyback till date of Cars24 stands at about ₹113 crore. In December 2021, Cars24 raised $400 million in their Series G round led by Alpha Wave Global.
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 recognise 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.”
Founded in 2015, Cars24 is a global e-commerce platform for pre-owned vehicles with a robust presence in India, the Middle East, Australia and Southeast Asia. With a consumer first approach, Cars24’s mission is to transform the used car industry by taking the entire journey of searching, buying, selling, and financing online. To achieve this, Cars24 has also set up multiple state-of-the-art Mega Refurbishment Labs across the country.