Liquidity: Swiggy rolls out second tranche of $50 million ESOP buyback for employees | India News

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NEW DELHI: Swiggy on Monday introduced the second tranche of its two-year worker inventory possession plan (ESOP) liquidity programme as a part of which the corporate is shopping for again shares from over 2,000 eligible workers. The whole dimension of the ESOP buyback unfold by means of 2022 and 2023 is $50 million.

In 2021, the Bengaluru-based meals supply firm had launched a two-year ESOP liquidity programme for 2022 and 2023. Within the present 12 months, workers from Dineout may even have the ability to avail of the plan. Swiggy had acquired Dineout, a eating out and restaurant tech platform from Instances Web in a deal pegged over $100 million in Could final 12 months.
“Two years in the past, Swiggy introduced a one-of-its sort ESOP programme to allow constant wealth creation for workers by means of two distinct liquidity occasions in 2022 and 2023….we’re joyful that macroeconomic circumstances however, we’re in a position to hold our dedication of sharing Swiggy’s success and progress by means of these wealth creation alternatives,” head of HR Girish Menon mentioned in an announcement.

Swiggy joins a handful of firms like Flipkart which have been in a position to train ESOP liquidity programmes this 12 months regardless of the financial downturn and funding slowdown for startups. “That is Swiggy’s fourth liquidity occasion since 2018, additionally making it one of many only a few Indian startups to constantly allow wealth creation for its workers,” the corporate mentioned.
Swiggy which competes with Gurgaon-based Zomato had earlier this 12 months mentioned that its core meals supply enterprise has turned worthwhile as of March 2023 after factoring in all company prices and excluding ESOP prices.
In an interview to TOI final month, CEO of meals market Rohit Kapoor had mentioned that the full addressable marketplace for meals supply has opened up significantly put up Covid and corporations not must dole out heavy reductions to get extra customers. “The worth affords on the platform nonetheless proceed but when shoppers solely needed to come on the again of deep discounting, that’s not occurring,” Kapoor had mentioned.

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