CarDekho to buyback ESOPs worth Rs 17.5 cr

GirnarSoft Group online consumer automotive firm, CarDekho Tuesday said it will buyback shares worth Rs 17.5 crore under the parent's ESOP re-purchase plan for this year.

The company will be buying back ESOP (Employee Stock Ownership Plan) stocks from 71 eligible employees both existing as well as former, who have/had served four years in the company and are holding vested stocks, CarDekho said in a statement.

These employees would be able to encash 50 per cent of the vested stocks under the plan, it added.

The company has achieved multiple milestones and have grown as a leading consumer internet company, CarDekho Co-Founder and CEO Amit Jain said.

"Now, we wish to reward the contribution of both existing and ex-employees for their loyalty and the value that has been created over the years," he added.

CarDekho had raised USD 110 million to support future growth plans towards the end of 2018-19 with Axis Bank joining its list of investors which also also includes Sequoia, Hillhouse, Google Capital and HDFC Bank.