Foodtech major Swiggy rolls out second tranche of $50M ESOP buyback for employees

Indian foodtech major Swiggy today announced the rollout of its two-year ESOP liquidity Program in which employees will have the option to receive liquidity totalling up to $50 million or Rs 408 crore against their ESOPs. 

This second tranche of the ESOP liquidity program will also see eligible employees from Dineout which Swiggy acquired last year participate.

​​The first tranche of the ESOP liquidity program was initiated in June last year when the firm allowed its employees to receive liquidity of up to $23 million against their ESOPs. 

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.” 

Also Read:

• Ritesh Agarwal's OYO Rooms launches virtual front desk solution in UK