Automobile portal CarDekho on Tuesday said it will offer an ESOP cash-out scheme worth $3.5 million (over Rs 24 crore) to about 100 of its current and former employees.

CarDekho will allow eligible employees (current and former) to cash out 50 percent of their vested options under Girnarsoft group's ESOP Exercise and Secondary Sale Plan, a statement said.

"The current discretionary ESOP cash-out scheme is valid for both existing employees who have served 2 years and former employees who have served 4 years in the company and held vested options as of 31st January 2020," it added.

The cash-out, estimated to be worth $3.5 million, is the second one this financial year, it added.

The first ESOP cash out was announced in April last year, where Jaipur-headquartered CarDekho had bought ESOPs worth $2 million.

"At CarDekho, we have always believed that our employees are our biggest asset and our most important investment. As technology is democratised its competitive advantages may diminish but it will be our employees who will continue to be our competitive advantage and key differentiating factor," CarDekho co-founder and CEO Amit Jain said.

This scheme is merely a way of thanking the employees for their significant contributions and dedication, he added.

Founded in 2008, CarDekho had recently raised $70 million in series D round to strengthen its transactional business and expand in Southeast Asia.

Operating in India, Indonesia and the Philippine, the group operates various Indian auto portals such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com, InsuranceDekho.com, PowerDrift.com and others.

First Published:Feb 11, 2020 4:40 PM IST