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People · Professional & Local Services

Swiggy allocates ₹43 crore in equity shares to leadership team under ESOP

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Date
Company
Swiggy
What it does
food delivery platform
Kind
People
Amount
Rs 11.8 crore
Sector
Professional & Local Services

What they do

Swiggy, a food delivery platform, has allocated ₹43 crore in equity shares to its leadership team under its Employee Stock Ownership Plan (ESOP)

What happened

The shares were given to key executives including COO Vivek Sunder, CTO Dale Vaz, CFO Rahul Bothra, and HR head Girish Menon

Why it matters

This allocation follows Swiggy’s earlier ESOP liquidity program in 2020 and aligns with similar moves by other Indian startups like Licious, Paytm, and Zomato

The details

  • Swiggy, a food delivery platform, has allocated ₹43 crore in equity shares to its leadership team under its Employee Stock Ownership Plan (ESOP).
  • The shares were given to key executives including COO Vivek Sunder, CTO Dale Vaz, CFO Rahul Bothra, and HR head Girish Menon.
  • The allocation is part of Swiggy’s efforts to retain talent and align with similar moves by other Indian startups like Licious, Paytm, and Zomato.
  • This follows Swiggy’s earlier ESOP liquidity program in 2020, which was worth around $7-9 million.
  • Swiggy has concluded two ESOP liquidity programs so far, including one in June 2018.

The bigger picture

  • Swiggy’s ESOP program is part of a broader trend among Indian startups to offer equity to employees and leadership to retain talent.
  • The allocation of ₹43 crore in equity shares to leadership is a significant move for Swiggy, which is competing with Zomato in the food delivery space.
  • Swiggy’s co-founders, Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, previously held a combined stake of 10% in the company.

About the business

  • Swiggy is a food delivery platform that operates in India, connecting customers with restaurants and food vendors.
  • The company has raised multiple rounds of funding, including a $158 million Series I round in 2020 at a valuation of $3.7 billion.
  • Swiggy is reportedly in talks for a $700-800 million funding round with investors like Qatar Investment Authority and GIC.

What happens next

  • Swiggy is reportedly in talks for a $700-800 million funding round with investors like Qatar Investment Authority and GIC.

The deal

Type
other

Founders

  • Sriharsha Majety, co-founder and CEO
  • Nandan Reddy, co-founder
  • Rahul Jaimini, co-founder

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