Swiggy initiates ESOP liquidity worth $23 mn, 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).

Quick commerce
IANS Bengaluru
2 min read Last Updated : Jun 30 2022 | 3:12 PM IST

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.

--IANS

na/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :SwiggyEsops

First Published: Jun 30 2022 | 3:12 PM IST

Next Story