Swiggy initiates ESOP liquidity program worth $23 mn for employees

Food delivery giant Swiggy has announced that as part of its planned ESOP liquidity program in 2022, the company's employees will have the option to receive liquidity of up to $23 million against their ESOPs. The company has also announced the next round of ESOP liquidity which will be held in July 2023.

According to Swiggy, this will enable employees holding ESOPs to create wealth alongside the growth and success of the brand. Furthermore, Swiggy has rolled out a new program, called Build Your Own Dollar (BYOD), wherein the company's employees across the board can choose to invest in Swiggy's ESOPs. ESOPs were earlier offered to employees above a certain grade and/ or based on performance. The BYOD program is now open to all permanent employees of Swiggy.

Commenting on the development, 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. Taking this further, we are delighted to now extend the opportunity to own Swiggy ESOPs to all employees through our BYOD program. We are committed to enable every employee to potentially gain from our growth and success."

The food delivery giant in May had announced the acquisition of dining out and restaurant tech platform Dineout from Times Internet for an undisclosed amount. 

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