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Business News/ Companies / News/  Swiggy initiates ESOP liquidity worth $23 mn for eligible employees
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Swiggy initiates ESOP liquidity worth $23 mn for eligible employees

In addition to its commitment to its two-year ESOP liquidity program, the company has also rolled out a new program, Build Your Own Dollar (BYOD).

Under BYOD, Swiggy employees across the company can choose to invest in Swiggy ESOPs. (PTI)Premium
Under BYOD, Swiggy employees across the company can choose to invest in Swiggy ESOPs. (PTI)

Food and groceries delivery e-commerce major, Swiggy has initiated its committed ESOP liquidity Program aggregating $23 million. Further, the platform launched a new program that will bring in more opportunities to create wealth for employees.

Swiggy, which is the country's leading on-demand convenience platform, on Thursday reached its first milestone as a part of its two-year ESOP Liquidity Program.

"As part of the planned ESOP liquidity program in 2022, Swiggy employees will have the option to receive liquidity of up to $23 million against their ESOPs," Swiggy said in its blog.

Girish Menon, Head of HR at Swiggy said, "Rewarding employees by creating wealth opportunities is one of our priorities at Swiggy. We are happy seeing the wealth created for employees from the recent ESOP liquidity event."

In addition to its commitment to its two-year ESOP liquidity program, the company has also rolled out a new program, Build Your Own Dollar (BYOD).

Under BYOD, Swiggy employees across the company can choose to invest in Swiggy ESOPs.

Earlier, ESOPs were offered to employees above a certain grade and/ or based on performance. The BYOD program is now open to all permanent employees of Swiggy.

Menon added, "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."

Swiggy will carry the next round of ESOP liquidity in July 2023.

This enables employees holding ESOPs to create wealth alongside the growth and success of the brand, it said.

Swiggy aims to be the most accessible platform on the network - reimagining the meaning of convenience in the country through a variety of service offerings.

Founded in 2014 by Sriharsha Majety, Swiggy has a presence in 500 cities across India, in partnership with hundreds of thousands of restaurants. It has more than 2 lakh strong independent fleet of delivery executives. The company has an employee base of over 5,000. 

From starting as a hyperlocal food delivery service in 2014 - to becoming a logistics hub of excellence at present, Swiggy's capabilities result not only in lightning-fast delivery for customers but also in a productive and fulfilling experience for their employees.

Last month, Swiggy inked a deal with Times Internet to acquire Dineout, India’s leading dining out and restaurant tech platform. Dineout brings with it an industry-leading network of over 50,000 restaurant partners along with invaluable experience and proven technology.

Dineout founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor will join Swiggy once the Dineout acquisition is completed.

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Published: 30 Jun 2022, 08:45 PM IST
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