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News · Commerce & Consumer Brands

Swiggy allots ESOP and MSOP shares worth Rs 329 Cr

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Date
Company
Swiggy
What it does
Food delivery and daily essentials
Kind
News
Sector
Commerce & Consumer Brands

What they do

Swiggy allotted ESOP shares worth Rs 132.5 Cr to 180 employees and MSOP shares worth Rs 196.4 Cr to its CEO

What happened

The company announced a $35-40 million ESOP liquidity program for 2022-23

Why it matters

Swiggy is valued at $5.6 billion after its July 2021 fundraise

The details

  • Swiggy allotted ESOP (employee stock option plan) equity shares worth Rs 132.5 Cr to 180 employees.
  • The shares were allotted at an exercise price of Re 1 per share.
  • CFO Rahul Bothra received the largest ESOP benefit of Rs 31.2 Cr.
  • Anuj Rathi, SVP of revenue and growth, received Rs 20.4 Cr worth of ESOP.
  • Phani Kishan Addepalli, elevated as co-founder and CEO of Supr Daily, received Rs 8.3 Cr worth of ESOP.
  • The remaining 177 employees shared Rs 72.6 Cr worth of ESOP.
  • Swiggy also allotted MSOP (management stock option plan) shares worth Rs 196.4 Cr to co-founder and CEO Sriharsh Majety.
  • The company announced an organisation-wide ESOP liquidity program for 2022 and 2023 valued at $35-40 million (Rs 260-295 Cr).

The bigger picture

  • This is the second ESOP allotment by Swiggy; the first in April 2021 allotted 500 equity shares worth Rs 11.8 Cr to the leadership team.
  • The ESOP liquidity program allows employees to sell their vested options and realise cash.
  • Swiggy is gearing up for another funding round that may push its valuation closer to $10 billion.
  • The company was valued at $5.6 billion during its latest fundraise of $1.25 billion in July 2021.

About the business

  • Swiggy is a food delivery platform that connects customers with restaurants.
  • It also operates Supr Daily, a daily essentials delivery service.
  • The company makes money through commissions from restaurants, delivery fees, and advertising.
  • Swiggy operates across hundreds of cities in India.
  • It is backed by investors including SoftBank.

What happens next

  • Swiggy is gearing up for another funding round that may push its valuation closer to $10 billion.
  • The ESOP liquidity program for 2022 and 2023 will allow employees to sell their vested options.

The deal

Type
ESOP/MSOP allotment

Investors

  • SoftBank (existing) — Japanese conglomerate and investment firm.

Founders

  • Sriharsha Majety, Co-founder and CEO
  • Phani Kishan Addepalli, Co-founder and CEO of Supr Daily
  • Nandan Reddy, Co-founder

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