According to a corporate release, Cars24, an e-commerce marketplace for pre-owned vehicles, has announced an annual Esop buyback of Rs.75 crore.

Cars24 has announced Esop buyback plans for both current and past employees for the fifth year in a succession, according to the statement. To date, the Esop buyback has been valued at Rs.113 crore.

Commenting on the announcement Ruchit Agarwal, Co Founder & CFO, CARS24 said “This announcement demonstrates our confidence in our business and the growth we are witnessing. Our annual Esop buyback plan is an extension of our appreciation for our employees. We want to recognize and reward them for their determination and drive to achieve the unthinkable by solving unique problems each day that haven't been solved before with respect to the used car market. For start-ups, Esops are a great way of attracting and retaining talent.”

In December 2021, Cars24 announced that it had secured $400 million in a round led by Alpha Wave Global. A $100 million debt component was obtained from investors such as the Commercial Bank of Dubai and IFM Investors in Australia.
CARS24 is an Indian online used automobile marketplace situated in Gurugram, Haryana. Every year, the company sells around 1,50,000 automobiles. The company is regarded as one of India's four major organised participants in the secondhand car market.

Cars24 put the money towards upgrading large-scale labs across the country and improving the quality of cars before they are sold to customers.

Cars24 became a unicorn in 2020 after a $200 million fundraising round headed by DST Global. It was founded in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal, and Jangid.