Swiggy begins ESOP liquidity program worth $23 million

1 Jul 2022 , 12:45 PM

Indian online Foodtech platform Swiggy on Thursday has announced that it has started its $23-million employee stock option program (ESOP) buyback as part of the planned liquidity program to incentivize 900 employees.

The food delivery app had rolled out a two year ESOP liquidity program worth $35-40 in October 2021. Under its two year ESOP liquidity program, Swiggy has rolled out a new program – build your own dollar (BYOD), wherein employees across the company can choose to invest in company ESOPs.

ESOPs were earlier offered to employees above a certain grade and/or based on performance. BYOD program will be open to all its permanent employees.

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

“Taking this further, we are delighted to now extend the opportunity to own Swiggy ESOPs to all employees through our BYOD programme. We are committed to enable every employee to potentially gain from our growth and success,” Mennon added on Thursday.

In January this year, Swiggy raised $700 million, at a valuation of over $10 billion. It also said the next round of ESOP liquidity is to be held in July 2023.