Swiggy to liquidate $23M worth of ESOP shares as part of two-year programme
Under its planned Employee Stock Ownership Plan (ESOP), foodtech decacornannounced that it will give its employees an option to liquidate $23 million worth of shares against ESOPs in 2022. The ESOP buyback is the first milestone as part of its liquidity programme.
Swiggy had announced a committed two-year ESOP liquidity programme for employees in October 2021.
Talking about the programme, 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."
As the first milestone of its two-year ESOP programme, Swiggy is liquidating $23 million worth of shares
Swiggy also announced the next round of ESOP liquidity programme to be held in July 2023. The foodtech giant said the liquidity programme is aimed at enabling employee wealth creation as well as Swiggy's growth.
The food delivery and quick commerce player rolled out a new programme—Build Your Own Dollar (BYOD)—wherein Swiggy employees across the company have the option to invest in Swiggy ESOPs. ESOPs were earlier offered to employees above a certain grade and/or based on performance. However, the BYOD programme is now open to all permanent employees of Swiggy.
"Taking this further, we are delighted to now extend the opportunity to own Swiggy ESOPs to all employees through our BYOD programme. We are committed to enabling every employee to potentially gain from our growth and success," Girish added.