Online used cars seller Spinny finishes ESOP buyback worth $12 mn

The unicorn raised $283 million in a Series E funding round from new and existing investors earlier this month.

Spinny, an online used cars seller, has completed an ESOP buyback of $12 million for current and former employees: the first such transaction by the company that turned a unicorn earlier this month.

“The ESOP pool was constituted to ensure that our team members are rewarded for their belief in Spinny’s vision, and relentless hard work that goes in turning vision into reality. Our belief from the beginning is to build an institution that earns trust by providing complete transparency and a standard experience to each of our buyers,” said Niraj Singh, founder and chief executive officer of Spinny.

Spinny