CARS24 Offers ESOP Buy-Back Worth INR 75 Crores, For The Fourth Time In Four Years

CARS24, India's leading e-commerce platform for pre-owned vehicles, has announced its annual ESOP Buyback worth INR ~75 Crore to reward their employees. CARS24 has consistently led annual ESOP buyback initiatives for the last four years, for their employees both existing and former. The value of total ESOP buyback till date stands at INR ~113 Crores.

In December 2021, CARS24 raised $400 Million in their Series G Round led by Alpha Wave Global and the ESOP Buyback plan is a reflection of the faith that the company and its employees have instilled 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.

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 recognize 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.”