In 2021, Swiggy had announced an industry-first, committed 2-year ESOP liquidity program for 2022 and 2023.
Over 2000 employees eligible, including those who transitioned from Dineout
Bangalore, July 24, 2023: Swiggy, India’s leading on-demand convenience platform today announced the second milestone in its committed two-year ESOP liquidity Program. As part of this planned 2-year ESOP liquidity program, Swiggy employees will have the option to receive liquidity totaling up to $50 million against their ESOPs. This event will also see eligible employees from Dineout which Swiggy acquired last year participate.
Swiggy, which announced turning EBITDA positive in its food delivery business as of March 2023 successfully integrated Dineout and strengthened its position in Q-commerce with Instamart.
“Two years ago, Swiggy announced a one-of-its-kind ESOP program to enable consistent wealth creation for employees through two distinct liquidity events in 2022 and 2023,” said Girish Menon, Head of HR at Swiggy. “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.”
Swiggy joins a handful of companies this year that have been able to exercise ESOP liquidity programs despite tough macroeconomic conditions. This is Swiggy’s fourth liquidity event since 2018, also making it one of the very few Indian start-ups to consistently enable wealth creation for its employees.