CarDekho Group Announces $5 Million ESOP Liquidity Buyback, Reports Strong Growth in FY23
- ByStartupStory | December 21, 2023
Autotech and financial services solution provider CarDekho Group has unveiled an Employee Stock Ownership Plan (ESOP) Liquidity buyback program with a pool size of $5 million. The initiative is designed to encompass both current and former employees who hold shares in the company. This move comes as part of the group’s commitment to recognizing the contributions of its workforce and providing them with an opportunity to benefit from the company’s growth.
In the fiscal year 2023, the CarDekho Group reported a robust 46% year-over-year growth in consolidated revenue, reflecting its strong performance and market position. The company has maintained a substantial cash reserve dedicated to funding organic and inorganic growth projects, demonstrating its strategic focus on expansion and innovation within the autotech and financial services sectors.
Earlier this month, the group announced a merger with Revv, a strategic move aimed at strengthening its shared mobility ecosystem. This merger aligns with CarDekho Group’s overarching vision to enhance its portfolio of services and consolidate its position as a leading player in the automotive and mobility industry.
The CarDekho Group encompasses a diverse range of services, including CarDekho, BikeDekho, Zigwheels, PowerDrift, InsuranceDekho, Rupyy, and OTO. Since its inception in 2008, the group has garnered support from prominent investors such as Sequoia, Hillhouse Capital, CapitalG, Ratan Tata Trust, Leapfrog, HDFC Bank, ICICI Bank, and Axis Bank, among others. These investments underscore the confidence and backing that the CarDekho Group has received from the investment community, positioning it for continued success and growth in the future.
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