Swiggy to buy back ESOPs Liquidity worth $23 million to incentivise 900 employees
- ByStartupStory | July 1, 2022
On Thursday, the Indian online Food and grocery delivery platform Swiggy announced that it has begun its planned $23 million ESOP (employee stock option programme) buyback as part of the planned liquidity program to incentivize 900 employees.
Additionally, Swiggy launched a new initiative called Buy Your Own Dollar (BYOD), under which staff members of the food delivery unicorn can decide whether to contribute to its ESOPs. According to a statement released by Swiggy on June 30, ESOPs were previously offered to employees who performed well and/or were above a specific grade level. All Swiggy permanent employees will be able to participate in the BYOD programme.
Swiggy added that the subsequent ESOP liquidity round, which will allow employees to sell their ownership, will take place in July 2023. ESOPs were previously provided to employees who performed well and/or were over a specific grade. All of its permanent employees will be eligible for the BYOD programme.
“At Swiggy, one of our top goals is rewarding staff with financial opportunity. Girish Menon, Swiggy’s Head of HR, remarked, “We are pleased to witness the wealth generated for employees from the recent ESOP liquidity event.
“Taking this a step further, we are thrilled to now offer all employees through our BYOD programme the chance to buy Swiggy ESOPs. Every employee will be given the opportunity to benefit from our success and growth, Menon continued.
Swiggy launched a two-year ESOP liquidity programme worth $35–40 million in October of last year. Also, Swiggy raised $700 million at a valuation of over $10 billion in January of this year.
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