India-based used-car marketplace Spinny has expanded its employee stock ownership plan (ESOP) pool to over 170 million stock options, with the addition of 23.7 million options.

According to Inc42, which referenced Spinny’s filings with the Ministry of Corporate Affairs, a resolution approving the expansion of the ESOP pool has been passed. Reportedly, Spinny’s last-known fair value for each equity share was INR54.8 ($0.6 U.S.), which takes the total post-expansion valuation of the ESOP pool to INR9.3 billion.

In December 2021, Spinny bought back ESOPs worth about INR1 billion from a few long-time employees. Subsequently, in October 2022, it launched an ESOP plan for all employees, announcing that its reward philosophy was centred around compassion, teamwork and shared ownership.

Spinny underwent a major restructuring in August 2023, with the merging of subsidiaries Truebil and Max with its main platform and the resulting loss of 300 jobs. The company had cited the decision to pivot to a one-stop-shop model as the reason behind the restructuring and associated layoffs.

Founded in 2015 by Niraj Singh, Mohit Gupta and Ramanshu Mahaur, Spinny was initially a c-to-c classified business before pivoting to transactions in 2017. It currently operates a direct-sales model with value propositions such as a money-back guarantee, one-year warranty and car buy-back option. It competes with Cars24, CarTrade Tech and CarDekho in India.

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