Swiggy grants Rs 150 crore worth of stock options to employees

Bengaluru-based Swiggy, a food delivery major that also operates in the quick commerce space via Instamart, has approved a fresh round of employee stock option (ESOP) grants valued at approximately Rs 150 crore, as part of its 2024 ESOP plan, according to a regulatory disclosure and internal communication reviewed by this publication.

On July 11, Swiggy’s Nomination and Remuneration Committee (NRC) sanctioned the issuance of 3,886,049 stock options to eligible employees of the company and its subsidiaries. Each option is convertible into one fully paid-up equity share of face value Rs 1 and carries an exercise price of Rs 1 per share.

The options were granted under the "Swiggy Employees Stock Option Plan 2024" and are in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The disclosure, filed with Indian stock exchanges, confirms that the ESOPs can be exercised any time after the vesting period ends, until the company’s liquidation, provided the employee continues to be in service. For employees who leave the organization, the options may be exercised within 36 months of cessation.

While details about the vesting period were not disclosed, the company noted that equity shares issued under the plan will not be subject to any lock-in period. There have been no subsequent changes, lapses, or exercises of the options as of the latest filing.

At Swiggy’s Friday closing share price of Rs 385.10, the newly issued options are estimated to be worth Rs 150 crore ($17.5 million). The ESOP allocation follows a similar grant of Rs 443 crore worth of options announced in April 2025, pushing the company's total employee stock incentives this year to nearly Rs 600 crore.

The move comes at a time when Swiggy is diversifying its business portfolio. In June, the Bengaluru-based decacorn launched “Crew,” a lifestyle and travel concierge platform, marking its entry into premium services.

Despite continued growth in revenue — a 45% jump to Rs 4,410 crore in the March quarter — the company reported a net loss of Rs 1,081 crore in Q4 FY25, up 95% year-on-year. For the full year, Swiggy’s revenue stood at Rs 15,227 crore. By contrast, rival Zomato posted a modest profit of Rs 39 crore in the same quarter, while Zepto narrowed its annual loss to Rs 1,248 crore.