Spinny announces Stock Option Plan For All
National, 4th October’2022: Spinny, a used car retailing platform in India, announces 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. Spinny’s belief from the beginning is to build an institution that earns trust by providing complete transparency and a standard car buying and selling experience to each of its customers. 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.
Imbibing the above philosophy into our reward system, all team members would be eligible to receive stocks through the Spinny Stock Option Plan for All.
Commenting on this development, Niraj Singh, Founder & 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 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.”
In December 2021, company had facilitated 1st 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.
Aside from ESOP for all, 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 seeking higher education to advance their careers, salary advances and loans. 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.