News · Commerce & Consumer Brands

Swiggy offers $23m ESOP liquidity to staff

By Startup Enthusiast · 30 June 2022

What they do

Swiggy runs food delivery and Instamart grocery services across India

The company launched a $23 million buyback for employee stock options

This follows industry trends of startups providing liquidity to early workers

Swiggy made $23 million available for employees to sell shares.
This program allows staff to cash out on their ESOPs (employee stock ownership plans).
Over 900 people are eligible to participate in this current round.
A new Build Your Own Dollar programme lets all permanent staff invest.
Eligibility has expanded from specific grades to include all permanent employees.
The previous liquidity programme was announced in October 2021, pegged at $35–40 million at a valuation of $5.5 billion.
That future round will cover over 1,800 eligible employees.
Previous liquidity events included a $35-40 million buyback in October 2021.

Swiggy was founded in 2014 by Sriharsha Majety and others.
It partners with over 200,000 restaurants across more than 500 cities.
The company operates Instamart, a quick commerce grocery service.
Instamart currently serves customers in 29 cities across India.
Swiggy invested $700 million into Instamart starting in December 2021.
The platform launched a driver partner accelerator in April 2022.
Sriharsha Majety serves as the CEO of the company.
Swiggy acquired dining platform Dineout for nearly $200 million in May 2022.
The business model relies on commissions from restaurant orders and deliveries.

Rapido (investor) — Invested in Swiggy portfolio company Urban Piper in April 2022.
Zomato (investor) — Invested alongside Rapido in Urban Piper in April 2022.