Swiggy announces committed two-year ESOP liquidity programme for employees
Bengaluru-based foodtech startupon Wednesday said its board has decided to institute a "one-of-its-kind programme" to enable consistent wealth creation for its employees through two distinct liquidity events in the next two years.
The development comes after Swiggy raised $1.25 billion from Softbank Vision Fund and existing investor Prosus, at a valuation of $5.5 billion, in July earlier this year.
Talking about the programme, Girish Menon, Head of HR at Swiggy, said,
“Swiggy has built a business that has democratised food delivery and convenience. As Swiggy grows, we want our team to grow with us and enjoy the fruits of their hard work and valuable contributions. This is an industry-first initiative, whereby we are democratising wealth creation by enabling all our ESOP holding employees to participate in our committed liquidity events in 2022 and 2023. More importantly, by giving them visibility on the ESOP liquidity, Swiggsters hold the option and flexibility to plan their cash flow and investments.”
This will be Swiggy's third (July 2022) and fourth (July 2023) such liquidity events, where all employees holding ESOPs are eligible to participate. It had conducted the first event in June 2018, and the second one was in November 2020.
Since its fundraise, Swiggy has had a multi-year strategy of growing its core food delivery business and building its new food and non-food adjacencies in 2021 and beyond.
To support this, the foodtech startup will enhance its capabilities in technology and AI, and strengthen teams across engineering, product, data science, and analytics, and in business and supply chain for its newer initiatives.
Swiggy's earlier fundraise was oversubscribed, following strong interest from investors.
In a statement, Swiggy said it has also expanded its pick-up and drop service — Swiggy Genie — to 65 cities and deepened its presence in the meat delivery service in key markets.
Supr Daily — Swiggy’s daily grocery delivery service — present across major Indian cities is reaching new users every month.