One of the world’s leading eCommerce platforms for pre-owned cars, CARS24has revealed its $10 million worth annual ESOP (employee stock ownership plan) buyback plans for both existing and former employees for the fifth year in a row.
With the latest revelation, the total value of ESOP buybacks declared by CARS24 to date will be at $15 million.
Ruchit Agarwal Co-Founder & CFO CARS24
“This announcement demonstrates our confidence in our business and the growth we are witnessing. Our annual ESOP buyback plan is an extension of our appreciation for our employees. We want to recognize and reward them for their determination and drive to achieve the unthinkable by solving unique problems each day that haven’t been solved before with respect to the used car market. For start-ups, Esops are a great way of attracting and retaining talent.”
Earlier in December 2021, CARS24 raised $400 million in a funding round led by Alpha Wave Global. This included a $100 million debt component, sourced from investors such as the Commercial Bank of Dubai and IFM Investors in Australia.
The firm has reportedly used the capital for large-scale renewal labs across the country to improve the quality of cars before selling them to customers.
Commenting on the nature of the organization, Ms. Sonam Lama, Head of People, CARS24, remarked that, “We are a people-centric organization, and always on the forefront when it comes to the well-being of our employees. For us, our employees are the heart of our organization and basically our core engine that drives our organization forward.”
Ms. Lama further added that, “This ESOP buyback process is also one such example from CARS24 that not only caters to the current employees but even our former employees. We are also currently in the midst of hiring some of the best available talent in the UAE, as we are all set to scale new heights in the year ahead.”
Founded in 2015 by Mr. Vikram Chopra, Mr. Mehul Agrawal, Mr. Ruchit Agarwal, and Mr. Gajendra Jangid, CARS24 became a unicorn in 2020 in a $200 million funding round led by DST Global.
CARS24 recently opened a Mega Refurbishment Lab (MRL) in UAE is all set to roll out close to 20000+ cars in a year. The lab will run round the clock to ensure that each vehicle undergoes a stringent 150-point quality check prior to listing the cars on its eCommerce platform.
This MRL at Jebel Ali has 70 bays, 5 high-end Italian paint booths, and has the capacity to roll out close to 1500 cars a month. This leased 1,000,000 square feet facility with a total contract value in excess of 10.88 million, is one of Dubai’s largest-ever leasing deals on record.
