Swiggy's Staff To Get Cumulative $50 Mn Under ESOP Plan
Online food delivery platform Swiggy is reportedly in talks to buy back shares under a second tranche of a cumulative over USD 50 million employee stock ownership plan (ESOP) from more than 2,000 employees, according to media reports on Monday.
Swiggy reported its buying interest officially. In June last year, the company offered the options to its more than 900 employees. The purpose was to avail up to USD 23 million against their ESOP as part of the first tranche.
In 2021, the delivery platform underlined its 2-year ESOP liquidity programme for 2022 and 2023.
This year the offer will also include the eligible employees from Dineout, which Swiggy acquired last year, the report said additionally.
Girish Menon, Head of HR at Swiggy said, the programme announced two years ago enabled consistent wealth creation for employees through two distinct liquidity events in 2022 and 2023.
Meanwhile, this comes after Swiggy laid off hundreds of employees which the company termed as restructuring led by slowing growth in its food delivery business.
