Spinny launches second ESOP plan

Spinny, a used car retailing platform has launched employee stock options (ESOP). The stock option plan has been constituted to ensure that team members are rewarded for their belief in Spinny’s vision, and hard work that goes behind turning the vision into reality, the company said.

In a press note, the company said, “ It is imperative to nurture a working culture that inspires each team member to do the best work and have a say in all internal processes and decisions with a shared ownership approach in the truest sense.

Niraj Singh, founder and CEO, Spinny said, “Since the inception, we have focussed on nurturing a healthy working environment and a robust value system where we work to build a trusted relationship amongst all team members. Our reward philosophy is based on compassion, team-work, and shared ownership. Nothing is more important to us than bringing the right solutions for our customers and creating value for the team members.”

In December 2021, the company had facilitated its first ESOP buyback and total value of the buyback was $12 million. According to Spinny, early team members even from the entry-level blue-collar roles were able to earn enough money to even buy their own houses etc. This encouraged the company to come up with ESOP for all staff irrespective of role and designation of any team member, it said.

Aside from the ESOP, the company has also implemented a few other employee-friendly benefits in the recent past, such as the Spinny Education Sponsorship Program, which provides education assistance to employees keen on higher education to advance their careers.