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Inc42
| 1mSpinny Expands Its ESOP Pool With An Additional 24 Mn Stock Options
Indian pre-owned car marketplace Spinny has expanded its Employee Stock Ownership Plan (ESOPs) by granting an additional 23.7 million options. The company's board approved the expansion, subject to shareholder approval, bringing the total ESOP pool to 170.8 million options. Each equity share of Spinny is valued at INR 54.85 ($0.73) based on its last valuation in July 2023. Spinny introduced a new ESOP plan in 2022 and completed a $12 million ESOP buyback in December 2021. The company, backed by cricket legend Sachin Tendulkar, competes with firms such as Cars24, Droom, and CarDekho.
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