For the fourth time in four years, CARS24, the Indian e-commerce platform for pre-owned vehicles, has announced its annual ESOP buyback worth Rs 75 Crore, to reward its existing and former employees.
The total ESOP buyback till date is valued at Rs 113 Crores.
In December 2021, CARS24 raised $400 million in its Series G round led by Alpha Wave Global, and this ESOP buy-back plan reflects the faith the Company and its employees have in each other.
CARS24 attributes its success to the strong focus on employee ownership, granting significant stakes in the company, and the ability to sell stocks at regular intervals.
Ruchit Agarwal, co-founder & CFO, CARS24 reiterates that the ESOP buy-back 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”.
The Company wishes to recognise and reward the employees “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”.
This is also a strategy to attract and retain talent.
The Company was founded in 2015, and has a robust presence in India, the Middle East, Australia and Southeast Asia. Following a consumer first approach, CARS24’s is working to transform the used car industry by taking the entire journey of searching, buying, selling, and financing online.
Leveraging the latest technology advances, CARS24 has set up multiple state-of-the-art mega refurbishment labs; creating new industry benchmarks for high-quality used cars.