Thursday, September 28, 2023
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Swiggy begins ESOP liquidity worth $23mn, making all employees now eligible

Swiggy, an online platform for food delivery, announced on Thursday that its employees would have the option to receive liquidity of up to $23 million against their employee stock ownership plans (ESOPs). 

The next ESOP liquidity round, according to Swiggy, will take place in July 2023. 

According to a company’s statement, this enables employees with ESOPs to accumulate money in parallel with the expansion and success of the brand.

“We are happy seeing the wealth created for employees from the recent ESOP liquidity event,” said Girish Menon, Head of HR at Swiggy. 

“Taking this further, we are delighted to now extend the opportunity to own Swiggy ESOPs to all employees through our build your own dollar (BYOD) programme,” he added.

Employees at all levels of Swiggy can choose to participate in ESOPs through the BYOD programme, which was previously only available to those over a certain grade or based on performance. 

According to the company, all Swiggy permanent employees are now eligible for the BYOD programme. 

Swiggy, founded in 2014, links customers to more than 2,000,00 restaurant partners and stores in more than 500 cities. 

Instamart, its quick-commerce grocery service, operates in 29 cities. Swiggy announced in December 2021 that it would invest $700 million in Instamart. 

Dineout, a restaurant technology platform for dining out, was purchased by Swiggy last month for nearly $200 million.

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BRL Editor
BRL Editor
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