Swiggy initiates ESOP liquidity worth $23 million, all employees now eligible

Online food-delivery platform Swiggy on Thursday said its employees will have the option to receive liquidity of up to $23 million against their employee stock ownership plans (ESOPs).

Swiggy announced the next round of ESOP liquidity to be held in July 2023.

This enables employees holding ESOPs to create wealth alongside the growth and success of the brand, the company said in a statement.

"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.

Under the BYOD programme, Swiggy employees across the company can choose to invest in ESOPs which were earlier offered to employees above a certain grade and/or based on performance.

The BYOD programme is now open to all permanent employees of Swiggy, said the company.

Founded in 2014, Swiggy connects consumers to 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 to pour $700 million into Instamart.

Last month, Swiggy acquired Dineout, a dining out and restaurant tech platform, for nearly $200 million.

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