Food and grocery delivery platform Swiggy will be buying back shares worth $23 million issued under its employee stock option program (ESOP) from about 900 employees in a bid to incentivise them.
Swiggy also rolled out a new program, named Buy Your Own Dollar (BYOD), wherein employees of the food delivery decacorn can choose to invest in
the company's ESOPs. ESOPs were earlier offered to employees above a certain grade and/or based on performance, Swiggy said in a statement on June 30. The BYOD program will be open to all permanent employees of Swiggy.
Further, Swiggy said that the next round of ESOP liquidity will be held in July 2023, enabling employees to liquidate their holdings.
“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,” said Girish Menon, Head of HR at Swiggy.
“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,” Menon added.
Swiggy, which had raised $700 million in January this year, at a valuation of over $10 billion, had rolled out a two-year ESOP liquidity program worth $35-40 million in October last year.