To encourage its 900 employees, the online food and grocery delivery platform Swiggy has announced that they will have the option to obtain liquidity of up to $23 million against their employee stock ownership plans (esop) the company announced on Thursday, June 30.
The company has also announced that the next round of ESOP liquidity will be held in July 2023. This enables employees holding ESOPs to build wealth alongside the growth and success of the brand, the company said in a statement.
In addition, Swiggy has also launched a new program called Buy Your Own Dollar (BYOD), in which employees of the food delivery major can choose to invest in the company’s ESOPs. Swiggy said in a statement that earlier ESOPs were offered to employees above a certain grade and/or on the basis of performance. The BYOD program will be open to all permanent employees of the company, it further said. Previously, certain grades of employees had access to Swiggy’s ESOPs, as mentioned above.
“Rewarding employees by creating wealth opportunities is one of our priorities at Swiggy. We are delighted to see the wealth created for employees from the recent ESOP liquidity event,” said Girish Menon, Head of HR at Swiggy. “Taking this further, we are now pleased to offer all employees the opportunity to own a Swiggy ESOP through our Own Dollar (BYOD) program. We want each employee to potentially benefit from their growth and success. Committed to enable
The food delivery giant, which in January raised $700 million through a capital investment by Invesco, raised its valuation to more than $10 billion. The company had introduced a two-year ESOP liquidity program worth $35-40 million in October 2021.
“As Swiggy grows, we want our team to grow with us and take advantage of their hard work and valuable contributions. This is an industry-first initiative under which we are democratizing wealth creation by enabling all our ESOP Holding employees to participate in our committed liquidity programs in 2022 and 2023. More importantly, by giving them visibility on ESOP liquidity, Swigsters have options and flexibility. To plan their cash flow and investments,” Menon had said at the time.
Established in 2014, Swiggy connects consumers with over 2,00,000 restaurant partners and stores in over 500 cities. Its quick commerce grocery service Instamart is present in 29 cities. In December 2021, Swiggy announced a $700 million investment in Instamart. Last month, Swiggy acquired dining out and restaurant tech platform Dineout for about $200 million.
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