A $65 million ESOPs liquidity program has been announced by Swiggy. Since 2018, Swiggy has had five ESOP liquidity events. All of its employees, regardless of rank or function, will be able to obtain secondary liquidity for their ESOPs.
After July 2022 and 2023, this is the third consecutive event, the company stated in a press release. According to Swiggy, over Rs 1,000 Cr of ESOP liquidity was made possible over the course of five events, benefiting 3200 employees.
Swiggy withheld the identities of the investors who took part in the secondary sale.
The company is about to make its stock exchange debut, and this coincides with the secondary sale of ESOPs. It is anticipated that Swiggy will go public in a few weeks after secretly filing initial public offering (IPO) documents for Rs 10,400, or roughly $1.25 billion.
The IPO of Swiggy, which includes Rs 3,750 ($450 million) for new shares and an offer for sale (OFS) of Rs 6664 crore ($800 million), was approved by the company’s shareholders. Its backers, which include Prosus, SoftBank, DST Global, Accel Partners, and Elevation Capital, are probably going to liquidate their OFS holdings.
“…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.
Urban Company, MyGate, Classplus, Meesho, The Sleep Company, XYXX, and Pocket FM have all purchased ESOPs back from their employees in the current calendar year (2024), while investors have purchased Swiggy’s ESOPs in a secondary sale. The media reports that in 2023, the total amount of EOSP buybacks by Indian startups was close to $802 million. The amount recorded for buybacks in 2021 and 2022 was $440 and $200 million, respectively.
