Spinny announced company-wide Stock Option Plan – Startup Story

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Spinny, a pre-owned car retailing startup, announced the launch of Spinny – Stock Option Plan for all team members. The ESOPs pool was constituted to ensure that team members are rewarded for their belief in Spinny’s vision, and relentless hard work that goes behind turning the vision into reality.
“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 centered around modern thinking fuelled by 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.” said Niraj Singh, Founder & CEO.
In December 2021, company had facilitated first ESOP buyback and total value of the buyback was $12M. Lot of early team members even from the entry-level blue-collar roles were able to generate handsome cash and purchased their own houses etc. This encouraged the company to come up with ESOP for all policy irrespective of role and designation of any team member.
The company provides Flexi Basket Policy, Employee Referral Policy, Parental Medical Insurance Policy, Group Personal Accident Policy, and Term Life Insurance. Additionally, they offer free specialised doctor consultations & mental wellness sessions at their employee assistance program.
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