Spinny announces ESOPs buyback worth $12 Mn

Used car marketplace platform Spinny has announced ESOP buyback worth $12 million. The buyback was open for both current and past team members. This is the first ESOP buyback program that the company has facilitated.

Last month the company raised $283 million in a  Series E funding round led by Abu Dhabi Growth Fund, Tiger Global along with Somerville SPV and Avenir Growth at an unicorn valuation.

Entrackr had exclusively reported about the news on 24th November.

Spinny has become the fourth startup to turn unicorn from the used car space. Earlier, Cars24, CarDekho and Droom had entered the coveted club of unicorns.

With the current ESOPs buyback event, Spinny got added to the long list of Indian startups like Urban Company, Cred, Swiggy, Simplilearn, Meesho, Browserstack, Udaan, Unacademy, ShareChat, Razorpay, MPL, Licious and Classplus who have also bought back ESOPs held by their employees in the past one year.