Online food-delivery giant Swiggy to buy back shares worth $23 million issued under its employee stock option program (ESOP) from about 900 employees
The foodtech decacorn has also announced that the next round of ESOP liquidity will be held in July 2023. This enables employees holding ESOPs to create wealth alongside the growth and success of the brand, it said in a statement.
Swiggy has also rolled out a new program, named Buy Your Own Dollar (BYOD), wherein employees of the food delivery major can choose to invest in the company's ESOPs. ESOPs were earlier offered to employees above a certain grade and/or based on performance, the firm added.
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The BYOD program will be open to all permanent employees of the company.
“Taking this further, we are delighted to now extend the opportunity to own Swiggy ESOPs to all employees through our BYOD program. We are committed to enable every employee to potentially gain from our growth and success,” said Girish Menon, Head of HR at footech major said.
Swiggy has rolled out the two-year ESOP liquidity program worth $35-40 million in October last year. The firm had raised $700 million in January this year, at a valuation of over $10 billion. Last month, the food delivery platform acquired Dineout, a dining out and restaurant tech platform, for nearly $200 million.
The firm 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.
(Edited by : Anand Singha)
First Published: Jun 30, 2022 4:52 PM IST
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