BENGALURU: Ahead of its listing plans, food delivery and quick commerce platform on Monday announced its fifth ESOP (employee stock ownership plan) liquidity programme.
As part of this initiative, Swiggy employees across levels and functions will have the option to receive liquidity of up to $65 million for their ESOPs.
This is the fifth liquidity event for Swiggy since 2018, and the third consecutive event after July 2022 and 2023. So far, the company has cumulatively enabled over Rs 1000 crore of ESOPs liquidity over the five events, benefiting over 3,200 employees, the company said in a release.
“Rewarding employees by unlocking wealth-creation opportunities as Swiggy grows has always been a key priority for us,” said Girish Menon, Head of HR at Swiggy. Also, this ESOP comes at a time when the quick commerce platform will complete 10 years.
In May, Swiggy’s competitor Zomato proposed to create an additional ESOP pool of 2% of its outstanding share capital on a fully diluted basis.
"ESOPs are a great way to drive the high-performance culture that we thrive on. We will continue to follow our earlier format of ESOPs with face value as the strike price; vesting will be linked to time and performance conditions. This new ESOP pool should be sufficient for us for at least the next five years," said Zomato CFO Akshant Goyal in its Q4 earnings.