Swiggy rolls out Esop liquidity worth $23 million

Swiggy, the food delivery and quick commerce player, said its employees will have the option to receive liquidity of up to $23 million against their employee stock ownership plan (Esop) – its first milestone as a part of its two-year liquidity programme.

Over 900 people will be eligible to participate this time. The next round of Esop liquidity will be held in July 2023 and likely have over 1,800 eligible employees.

“Rewarding employees by creating wealth opportunities is one of our priorities. We are happy seeing the wealth created for employees from the recent Esop liquidity event,” said Girish Menon, head of human resources, Swiggy.

Announced in October 2021, the programme was pegged at $35-40 million at Swiggy’s $5.5-billion valuation following a $1.25-billion funding in July. The value of the stock options will increase in tandem with the company’s valuation. Swiggy was
valued at $10.7 billion after its $700-million fundraising in January this year.

The Sriharsha Majety-led company has also rolled out a new programme called “Build Your Own Dollar (BYOD)”, under which Swiggy employees can choose to invest in Swiggy Esops.

Earlier, Esops were offered to employees above a certain grade, and or based on their performance. The BYOD program is now open to all permanent employees of Swiggy, the company said.

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“Taking this further, we are delighted to extend the opportunity to own Swiggy Esops to all employees through our BYOD program. We are committed to enabling every employee to potentially gain from our growth and success,” Menon said.

Swiggy conducted its first share buyback in June 2018,
while the second one in November 2020 was commissioned via a secondary sale in the range of $7-9 million.

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