CarDekho announces its 2nd ESOP Cash-Out Scheme
Hyderabad, 11 February 2020: CarDekho, India’s leading online auto ecosystem has announced that it is allowing eligible employees to cash out 50% of their vested options under Girnarsoft group’s ESOP Exercise and Secondary Sale Plan. The cash-out is estimated to be worth $3.5 million and it is the second time in this financial year that such a scheme has been floated by the company. The first ESOP cash out was announced in April 2019 in which CarDekho bought ESOPs worth $2 million. The current discretionary ESOP cash-out scheme is valid for both existing employees who have served 2 years and former employees, who have served 4 years in the company and held vested options as of 31st January 2020.
Commenting on the same, Amit Jain, Co-Founder and CEO of CarDekho, said: “At CarDekho, we have always believed that our employees are our biggest asset and our most important investment. As technology is democratized its competitive advantages may diminish but it will be our employees who will continue to be our competitive advantage and key differentiating factor. 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.”
CarDekho is successfully digitizing the auto ecosystem in India and is aggressively pursuing its vision to own the personal mobility space by digitizing the customer journey from car purchase to ownership to sale of used cars. The company recently also raised $70 M in series D fundraise to strengthen its transactional business and expand in Southeast Asia. Operational in Indonesia with OTO.com, CarDekho entered Philippines by acquiring CarMudi Philippines. CarDekho’s fintech business recently became the first platform in India to process Rs 100 crores worth of monthly used car loans.