Spinny, a full-stack used car buying and selling platform in India, on Tuesday said it has completed $12 million employee stock ownership plan (ESOP) buyback, which was open for current and ex-team members.

This is the first ESOP buyback that the company facilitated, it said in a statement.

Recently, the company announced the closure of $283 million series E funding round from global investors - Abu Dhabi based ADQ, Tiger Global, Avenir Growth, Feroz Dewan’s Arena Holdings - and strategic investor - Sachin Tendulkar (Indian cricket legend), the company is now valued at around $1.8 billion.

“The ESOP pool was constituted to ensure that our team members are rewarded for their belief in Spinny’s vision, and relentless hard work that goes in turning vision into reality...It is imperative to nurture a working culture that inspires each and every 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,” Niraj Singh, Founder and Chief Executive Officer, Spinny said.