Swiggy announces USD 23 mn ESOP liquidity programme

On-demand convenience platform Swiggy on Thursday announced a USD 23 million (over Rs 180 crore) ESOP liquidity programme for eligible employees.

The company has also launched a programme allowing all of its permanent employees to invest in Swiggy Employee Stock Ownership Plan (ESOP).

In a statement, Swiggy said it has reached its first milestone as a part of its two-year ESOP liquidity programme.

"As part of the planned ESOP liquidity programme in 2022, Swiggy employees will have the option to receive liquidity of up to USD 23 million against their ESOPs," the company said.

Moreover, Swiggy said the next round of ESOP liquidity programme would be held in July 2023.

"This enables employees holding ESOPs to create wealth alongside the growth and success of the brand," it said.

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"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," Swiggy Head of HR Girish Menon said.

As a further commitment to its two-year ESOP liquidity programme, Swiggy said it has also rolled out a new programme, Build Your Own Dollar (BYOD), wherein its employees across grades can choose to invest in Swiggy ESOPs.

ESOPs were earlier offered to employees above a certain grade and/or based on performance. The BYOD programme is now open to all permanent employees of Swiggy, the statement said.

"... 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," Menon said.