CarDekho buys back ESOPs worth Rs 17.5 crore
Hyderabad, 30 April 2019: CarDekho India’s leading AutoTech company from Girnarsoft Group, will buy back shares worth Rs 17.5 crores under Girnar group ESOP re-purchase plan, 2019. The company has circulated the offer letter to 71 eligible employees for participating in the repurchase plan. CarDekho will be buying back stocks from both existing and former employees who have/had served four years in the company and are holding vested stocks. These employees will be able to encash 50% of the vested stocks under the plan.
Commenting on same, Mr. Amit Jain, Co-Founder and CEO of CarDekho said, “As a team we had quite an exciting journey over the years. With sheer hard work, persistence and devotion, we have sailed through think and thins, achieved multiple milestones and today have grown as India’s leading consumer internet company commanding trust of millions. We specially appreciate the constancy of the top management and HODs who have supported the firm’s growth in its developing phase. Now is time we wish to reward the contribution of both existing and ex-employees for their loyalty and the value that has been created over the years.”
CarDekho recently released its FY 18- 19 annual result where it reported massive revenue growth of 62% in its overall business and a positive EBITDA. This year CarDekho has also been able to reduce its pre-marketing operation burn by 8%. The Q4 result of CarDekho remained most promising scaling the group’s revenue growth by 70%. Towards the end of the financial year, the company also raised $110 Mn fund to support its future growth plans. Axis Bank joined its list of investors during FY 2019 which also includes– Sequoia, Hillhouse, Google Capital and HDFC Bank