Swiggy offers part of $50 million ESOP buyback

NEW DELHI: Swiggy on Monday announced the second tranche of its two-year employee stock ownership plan (ESOP) liquidity programme as part of which the company is buying back shares from over 2,000 eligible employees. The total size of the ESOP buyback spread through 2022 and 2023 is $50 million.

In 2021, the Bengaluru-based food delivery company had launched a two-year ESOP liquidity programme for 2022 and 2023. In the current year, employees from Dineout will also be able to avail of the plan. Swiggy had acquired

Dineout, a dining out and restaurant tech platform from Times Internet in a deal pegged over $100 million in May last year. “Two years ago, Swiggy announced a one-of-its kind ESOP programme. . . we are happy that we are able to keep our commitment of sharing Swiggy’s success and growth through these wealth creation opportunities,” head of HR Girish Menon said in a statement.