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Wednesday, December 02, 2020

Swiggy announces employee stock liquidity programme

Under the programme, employees will be able to sell their shares to investors in the company.

By: PTI | New Delhi | November 9, 2020 6:12:50 pm
A food delivery rider for Swiggy, operated by Bundl Technologies Pvt., sits on a motorcycle in Mumbai, India, on Monday, Feb. 3, 2020. (Photographer: Dhiraj Singh/Bloomberg)

Food ordering platform Swiggy on Monday announced a secondary liquidity programme for its employees who were part of the employee stock ownership plan (ESOP) of the company.

According to the people in know of the matter, the total quantum of the secondary liquidity programme is between USD 7-9 million and it will be completed by April 2021.

Under the programme, employees will be able to sell their shares to investors in the company.

This programme will see participation from the family offices of leading industrial houses in India and a few individuals who are stalwarts in their respective fields, Swiggy said in a statement.

The company, however, did not disclose the name of the investors.

“As the food delivery business makes a steady recovery and the future continues to look promising, we want to reward our team that has worked relentlessly over the last many months with a meaningful wealth creation opportunity through an ESOP liquidity program,” Swiggy HR-VP Girish Menon said.

“Over 40 per cent of our employees with ESOP benefits – current and those we had to unfortunately part ways with earlier this year – will be eligible to exercise their stocks. Some of them will be able to liquidate their ESOPs at as much as 3x premium of the allotted price,” he added.

This is the second such liquidity programme launched by the company. The first was launched in June 2018, Swiggy said.

Founded in 2014, Swiggy is currently present across 500 cities in India.

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