CarDekho to buy back stocks worth Rs 17.5 crore

CHENNAI: Auto tech company CarDekho will buy back stocks worth Rs 17.5 crore under parent Girnar group ESOP re-purchase plan.
The company has circulated the offer letter to 71 eligible employees for participating in the repurchase plan.
CarDekho will buy 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.
Amit Jain, co-founder and CEO of CarDekho, said, “We 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 FY8-19 annual result where it reported revenue growth of 62% in its overall business and a positive EBITDA. This year CarDekho was able to reduce its pre-marketing operation burn by 8%.
The Q4 result of CarDekho saw the group’s revenue grow by 70%. Towards the end of the financial year, the company also raised $110 million 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.