Food Delivery App Swiggy To Buyback $50 Million ESOPs From 2,000 Employees

Food delivery application, Swiggy has announced the second tranche of its committed two-year ESOP liquidity Program. The e-commerce player's employees will have the option to receive liquidity totalling up to $50 million against their ESOPs. Also, Dineout employees will be eligible to participate in the tranche.

In 2021, Swiggy introduced the industry's first committed 2-year ESOP liquidity program for 2022 and 2023. Over 2000 employees are eligible under the program, including those who transitioned from Dineout.

Dineout was acquired by Swiggy last year.

Girish Menon, Head of HR at Swiggy said, "Two years ago, Swiggy announced a one-of-its-kind ESOP program to enable consistent wealth creation for employees through two distinct liquidity events in 2022 and 2023."

Menon added, "Our team is Swiggy's most valuable asset and we are happy that macroeconomic conditions notwithstanding, we're able to keep our commitment of sharing Swiggy's success and growth through these wealth creation opportunities."

Further, in the statement, Swiggy said that it joins a handful of companies this year that have been able to exercise ESOP liquidity programs despite tough macroeconomic conditions.

It would be Swiggy's fourth liquidity event since 2018, also making it one of the very few Indian start-ups to consistently enable wealth creation for its employees.

Swiggy, whose EBITDA turned positive in its food delivery business as of March 2023, has successfully integrated Dineout and strengthened its position in Q-commerce with Instamart.