After receiving funding of $1.25 billion, led by SoftBank Vision and Swiggy’s existing investor, Prosus, the board has decided to come up with a one-of-it- kind programme that will let its employees holding employee stock ownership plans (ESOPs) to take part in two liquidity events in consecutive years July 2022 and July 2023. With an aim to reward its hard working employees, the Company has decided to give its employees an opportunity for wealth creation.
The entire exercise is expected to be worth $35-40 million looking at the current valuation of the Company, which stands at $5.5 billion after the latest round of funding.
Since Swiggy has grown because of its hard working swiggsters, the Company has given this opportunity to its employees to create wealth and also the flexibility to plan their investment and cash flow.
Swiggy has witnessed tremendous growth, with their food-delivery business surpassing pre-COVID levels. The Company has also seen a robust growth in their non-food business during the last year.
The upcoming two liquidity events in 2022 and 2023, will be Swiggy’s third and fourth liquidity events. The first one took place in the year 2018 and the second in November 2020. The latter was valued between $7-9 million via secondary sale.
Swiggy has been continuously strengthening its teams across technology and artificial intelligence (AI), engineering, product, data science and analytics, as well as in business and supply chain for its newer initiatives.