Foodtech platform Swiggy announced that it has started its $23-million employee stock ownership option (ESOP) buyback as part of the planned liquidity programme in a blog post on Thursday. The food delivery app had rolled out a two year ESOP liquidity programme worth $35-40 in October 2021. Under its two year ESOP liquidity programme, IPO-hopeful Swiggy has rolled out a new programme — build your own dollar (BYOD) — wherein employees across the company can choose to invest in company ESOPs. ESOPs were earlier offered to employees above a certain grade and/or based on performance. BYOD is now open to all its permanent employees.
“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,” said Girish Menon, head of human resource at 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 enable every employee to potentially gain from our growth and success,” the company said in a blog post.
In January this year, Swiggy raised $700 million in a round led by Invesco valuing it at over $10 billion, or making it a decacorn. It also said the next round of ESOP liquidity is to be held in July 2023.