India-based used-car marketplace Spinny has launched an employee stock ownership plan (ESOP) for its entire workforce, inc42 reports.

In December 2021, Spinny’s repurchased stock worth $12 million U.S. from some of its employees, including entry-level blue-collar workers. This buy-back followed a $285-million Series E funding round, which took the company’s valuation to $1.8 billion. To date, it has raised a total of $530 million from the likes of General Catalyst, Tiger Global and Abu Dhabi Growth Fund.

In February 2022, Spinny announced the acquisition of Scouto, a startup whose AI-powered connected-car technology provides information on the condition and performance of vehicles, for an undisclosed sum. This acquisition was followed by the launch of Spinny Max, a used-luxury-car offering. The foray into used-luxury-car transactions was driven by growing demand, which saw such carmakers as Mercedes-Benz, Porsche and Volvo make similar moves.

“Since the company’s inception, we have focussed on nurturing a healthy working environment and a robust value system where we work to build a trusted relationship among all team members. Our reward philosophy is centered around modern thinking fueled by compassion, teamwork and shared ownership,” said Niraj Singh, founder and CEO of Spinny.

Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny was initially a c-to-c classifieds business but pivoted to transactions in 2017. The company has grown steadily since then, operating on a direct-selling model with a value proposition that includes a money-back guarantee, a one-year warranty, fixed-price assurance and a buy-back option.

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