Swiggy to sanction permanent work-from-anywhere
Food delivery platform Swiggy on October 6 said its employees will be able to tender shares they hold in the company twice over the next two years, in a move to create more visibility and transparency around employee stock option plans (ESOPs).
Swiggy said all employees holding ESOPs will be eligible to participate in two liquidity events in 2022 and 2023, with the entire exercise worth $35-40 million, pegged to its current valuation of $5.5 billion. It did not specify the number of employees who benefit from the exercise.
Swiggy's move to reward employees comes amidst a recovery in its food delivery business, robust growth in its grocery delivery business Instamart and an unprecedented war for technology talent in India.
"As Swiggy grows, we want our team to grow with us and enjoy the fruits of their hard work and valuable contributions. This is an industry-first initiative whereby we are democratizing wealth creation by enabling all our ESOP holding employees to participate in our committed liquidity events in 2022 and 2023. More importantly, by giving them visibility on the ESOP liquidity, Swiggsters hold the option and flexibility to plan their cash flow and investments," Girish Menon, Head of HR, Swiggy, said in a statement.
