SUMMARY
Spinny will be adding an additional 2.37 Cr (23.7 Mn) options, taking its total ESOP pool size to 17 Cr (170.8 Mn) options
Based on the startup’s last valuation in July 2023, the fair value of each equity share of Spinny is INR 54.85
The Sachin Tendulkar-backed startup introduced a new ESOP plan in 2022 and announced the completion of a $12 Mn ESOP buyback in 2021
Pre-owned car marketplace Spinny has expanded its Employee Stock Ownership Plan (ESOPs) scheme by granting an additional 2.37 Cr (23.7 Mn) options.
As per the startup’s filing with the Ministry of Corporate Affairs, the board of the Delhi NCR-based startup passed a resolution approving the expansion of its ESOP pool to 17.8 Cr (170.8 Mn) options. This would be subject to the startup approving the approval of the shareholders.
“The purpose of the ESOS 2019 is to attract, retract and motivate the company and its subsidiary companies’ employees whose present and potential contributions are important to the success of the company and the subsidiary(ies) of the company by offering them the opportunity to participate in the company’s future and also acquire a proprietary interest in the company by award of options,” the company said.
Based on the startup’s last valuation in July 2023, the fair value of each equity share of Spinny is INR 54.85. This number would take its total ESOP pool size to INR 936.9 Cr if every grant option is converted to an equity share in a ratio of 1:1.
Spinny declined to comment on Inc42’s queries on the development.
The Sachin Tendulkar-backed startup introduced a new ESOP plan in 2022.
Back then, Spinny CEO and cofounder Neeraj Singh had 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 among all team members. Our reward philosophy is centred around modern thinking fuelled by compassion, teamwork, and shared ownership.”
In December 2021, Spinny announced the completion of a $12 Mn ESOP buyback.
Founded in 2015 by Singh, Mohit Gupta and Ramanshu Mahaur, Spinny is a used-car retailing platform. It has over 36 car hubs and is operational in 22 Indian cities, including Delhi, Gurugram, Noida, Bengaluru, Mumbai, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad.
Spinny entered the coveted unicorn club around the same time last year after raising $283 Mn in its Series E funding round at a post-money valuation of $1.3 Bn. The round was led by ADQ, Tiger Global, and Avenir Growth.
The startup has raised over $500 Mn in various funding rounds till date and counts the likes of Tiger Global, General Catalysts, Blume Ventures, Accel, and Elevation Capital among its backers.
Spinny competes against the likes of Cars24, Droom, CarDekho, and publicly listed CarTrade.
