On-demand convenience platform, Swiggy on Monday announced the second tranche of its committed USD 50 million (nearly Rs 410 crore) ESOP liquidity programme for eligible employees.
Swiggy had in 2021 committed to a two-year ESOP liquidity programme for 2022 and 2023 and the first tranche of USD 23 million (over Rs 180 crore) was announced in June last year. In a blogpost, Swiggy said it has initiated “the second tranche of its committed ESOP liquidity program totalling USD 50 million”. As part of this planned 2-year ESOP liquidity program, Swiggy said, “Employees will have the option to receive liquidity totalling up to USD 50 million against their ESOPs. This event will also see eligible employees from Dineout which Swiggy acquired last year participate.”
Over 2,000 employees are eligible, including those who transitioned from Dineout, it added. Swiggy Head of HR Girish Menon said the ESOP programme was announced to enable consistent wealth creation for employees “through two distinct liquidity events in 2022 and 2023”. “Our team is Swiggy’s most valuable asset and we are happy that macroeconomic conditions notwithstanding, we’re able to keep our commitment of sharing Swiggy’s success and growth through these wealth creation opportunities,” he added.
Swiggy had announced turning EBITDA positive in its food delivery business as of March 2023 and said it has successfully integrated Dineout and strengthened its position in Q-commerce with Instamart. The company said this is its fourth liquidity event since 2018.