Food delivery and quick commerce decacorn Swiggy has announced an ESOPs liquidity programme worth $65 million.
This marks its fifth ESOP liquidity event at Swiggy since 2018.
Swiggy claims to have enabled over Rs 1,000 Cr of ESOPs liquidity over the five events which benefited 3200 employees.
Swiggy didn’t disclose the name of investors which have participated in the secondary sale.
Entrackr had exclusively reported about Swiggy offering 20% discount in secondary sale in April.
Food delivery and quick commerce decacorn Swiggy has announced an ESOPs liquidity programme worth $65 million. This marks its fifth ESOP liquidity event at Swiggy since 2018. Its staff across levels and functions will have the option to receive liquidity for their ESOPs in the secondary.
This is the third consecutive event after July 2022 and 2023, the company said in a press statement. Swiggy claims to have enabled over Rs 1,000 Cr of ESOPs liquidity over the five events which benefited 3200 employees.
Swiggy didn’t disclose the name of investors which have participated in the secondary sale. Entrackr had exclusively reported about Swiggy offering 20% discount in secondary sale in April.
The secondary sale of ESOPs has come at a time when the company is set to make its debut on the stock exchange. Swiggy had confidentially filed initial public offering (IPO) papers for Rs 10,400 (approximately $1.25 billion) and is likely to go public in a few weeks from now.
Swiggy’s shareholders approved for its IPO which includes Rs 3,750 ($450 million) for fresh shares while the offer for sale (OFS) consists of Rs 6664 crore ($800 million). Its backers including Prosus, SoftBank, DST Global, Accel Partners, and Elevation Capital among others are likely to sell their holdings in the OFS.
“…As we approach the milestone of a decade of consumer love for Swiggy, the latest ESOP event is an acknowledgment of our employees’ contributions, and our commitment to sharing Swiggy’s success and growth with them,” said Girish Menon, Head of HR at Swiggy.
While Swiggy’s ESOPs have been bought by investors in secondary sale, Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, and Pocket FM have bought back ESOPs from their employees in the ongoing calendar year (2024). According to startup data intelligence platform TheKredible, the total EOSP buyback by Indian startups stood at nearly $802 million in 2023. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively.
