CARS24 to buyback ESOPs worth Rs 35 crores

Online used car marketplace CARS24 brings cheers to its employees this festive season by offering to buy up to 100% ESOPs worth Rs 35 crores.

CARS24 is backed capsule of investors including Sequoia India, Exor Seeds, Apoletto, Kingsway Capital, KCK, Unbound, and Moore Strategic Ventures. Mahendra Singh Dhoni as its brand ambassador and one of the investors in the company.
 

The initiative has been announced keeping in mind the support and trust that the employees showcased in the company during the difficult times Earlier this year, CARS24 had offered fully-vested ESOPs (employee stock ownership plan) to its employees, equal to the salary deduction they chose voluntarily.

CARS24 is now offering 3.3X more value of contribution made by employees during voluntary salary deduction, the statement said, adding that employees can liquidate 100 percent of ESOPs granted against salary deduction.

2020 has been a difficult year for everybody with a lot of employees stepping in and contributing across the company. The ESOPs will help our employees enjoy the bonus and extra liquidity during the festive season after facing a tough time during the pandemic," CARS24 CEO and Co-founder Vikram Chopra said.