CarDekho to buy back Esops worth $3.5 million

BENGALURU: Consumer automotive portal CarDekho will buy back employee stock ownership plans (Esops) worth $3.5 million (about Rs 25 crore) as part of its second Esop repurchase plan in the current financial year. The buyback will benefit around 100 current and former employees, the company said, allowing them to cash out 50% of their vested options.

CarDekho, owned and operated by the GirinarSoft Group, had repurchased Esops worth $2 million in April last year, benefiting 71 employees.

“Our success till date is a testimony of the great team we have built and this scheme is merely a way of thanking the employees for their significant contributions and dedication,” said Amit Jain, CEO of CarDekho, when announcing the buyback.

The buyback follows CarDekho’s $70 million Series-D fundraise announced in December last year.