Cars24, an e-commerce platform for pre-owned vehicles which has raised around $850 million in funding in the last six months, has announced an ESOP (employee stock option plan) buyback worth Rs 75 crore to reward the company’s employees.
The company said it has consistently held annual ESOP buybacks for the last four years, for both existing and former employees. The value of total ESOP buyback by the company to date stands at Rs 113 crore.
In December last year, Cars24 had raised $400 million in its Series G round of funding at a $3.3-billion valuation. The company’s previous funding round was in September, when it raised $450 million at a $1.84-billion valuation.