Food and groceries delivery e-commerce major, Swiggy has launched its committed ESOP liquidity program, aggregating $23 million. In addition, the platform launched a new program that will bring more opportunities for employees to create wealth.
SwiggyThe country’s leading on-demand facilitation platform reached its first milestone on Thursday as a part of its two-year ESOP liquidity programme.
“As part of the schematic esop Liquidity Program in 2022, Swiggy employees will have the option of availing liquidity of up to $23 million against their ESOPs,” Swiggy said in its blog.
Girish Menon, Head of HR, Swiggy, said, “Rewarding employees by creating wealth opportunities is one of our priorities at Swiggy. We are delighted to see the wealth created for employees through the recent ESOP Liquidity event.”
In addition to its commitment to its two-year ESOP liquidity programme, the company has also launched a new programme, Build Your Own Dollar (BYOD).
Under BYOD, Swiggy employees across the company can choose to invest in Swiggy ESOPs.
Earlier, ESOPs were offered to employees above a certain grade and/or on the basis of performance. The BYOD program is now open to all permanent employees of Swiggy.
Menon said, “Taking this further, we are now pleased to offer all employees the opportunity to own Swiggy ESOPs through our BYOD program. We wish each employee the opportunity to potentially benefit from their growth and success. Committed to enabling
Swiggy will take the next round of ESOP liquidity in July 2023.
This enables the employees having ESOPs to build wealth along with the growth and success of the brand, it said.
Swiggy aims to be the most accessible platform on the network – reimagining the meaning of convenience in the country through a variety of service offerings.
Founded in 2014 by Sriharsha Majetti, Swiggy has a partnership presence with hundreds of thousands of restaurants in 500 cities across India. It has over 2 lakh strong independent fleet of Delivery Officers. The company has an employee base of more than 5,000.
Starting as a hyperlocal food delivery service in 2014 – to currently becoming a Logistics Hub of Excellence, Swiggy’s capabilities result not only in lightning fast delivery for customers but also in a productive and fulfilling experience for their employees Is.
Last month, Swiggy entered into an agreement with Times Internet to acquire Dineout, India’s leading dining out and restaurant tech platform. Dineout brings with it an industry-leading network of over 50,000 restaurant partners, along with invaluable experience and proven technology.
Dineout founders Ankit Mehrotra, Nikhil Bakshi, Sahil Jain and Vivek Kapoor will join Swiggy once the acquisition of Dineout is completed.