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Swiggy Initiates The Second Tranche Of Its Committed ESOP Liquidity Programme Totaling $50 Million

With this, Swiggy joins the list of start-ups, who despite adverse macroeconomic situations, have initiated ESOP liquidity programmes

Swiggy Initiates The Second Tranche Of Its Committed ESOP Liquidity Programme Totaling $50 Million
POSTED ON July 24, 2023 3:18 PM

Swiggy, India’s food tech decacorn, has initiated its committed two-year ESOP liquidity programme. This has been the company’s fourth liquidity event since 2018.

With this, Swiggy joins the list of start-ups, who despite adverse macroeconomic situations, have initiated ESOP liquidity programmes. 

As part of this planned initiative, 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.

“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 to sharing Swiggy’s success and growth through these wealth creation opportunities.”

In an attempt to strengthen its position in the quick commerce segment, the company launched Instamart a few years ago. It also integrated Dineout to bolster its footprint in the restaurant business. It became EBITDA positive in March 2023. It recently introduced Network Expansion Insights, a data-driven dashboard. The dashboard will provide restaurants with valuable insights derived from the company’s platform data, empowering them to make informed decisions when selecting the ideal location for their next outlet. that empowers partner restaurants to make informed decisions for their network expansion. 
 

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