Used car retailing platform Spinny has launched an employee stock ownership plan (ESOP) for its workforce. All employees of the Tiger Global-backed start-up would be eligible to receive stocks through the ‘Spinny Stock Option Plan for All'.
The unicorn had facilitated an ESOP buyback of $12 million in December last year, which included buying back shares from many early and blue-collar employees.
“Since the inception, we have focused on nurturing a healthy working environment and a robust value system where we work to build a trusted relationship amongst all team members,” said Niraj Singh, founder and chief executive officer of Spinny.
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“Our reward philosophy is centered around modern thinking fuelled by compassion, team work, and shared ownership. Nothing is more important to us than bringing the right solutions for our customers and creating value for the team members,” Singh added.
Founded in 2015, Spinny runs 36 car hubs and is operational in 22 cities.
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