Bengaluru-based food delivery company launches two years in 2021 ESOP Liquidity Program for 2022 and 2023. In the current year, the employees of Dineout will also be able to avail the benefits of the scheme. Swiggy had acquired dining out and restaurant tech platform Dineout from Times Internet in May last year in a deal worth over $100 million.
“Two years ago, Swiggy announced a one-of-its-kind ESOP program to enable continuous wealth creation for employees through two separate liquidity events in 2022 and 2023… We are glad that despite the macroeconomic conditions, we have been able to uphold our commitment to share Swiggy’s success and growth through these wealth creation opportunities,” HR head Girish Menon said in a statement.
Swiggy joins a handful of companies such as Flipkart that have been able to access ESOP liquidity programs this year despite the economic slowdown and slowdown in funding for startups. “This is Swiggy’s fourth liquidity program since 2018, making it one of the very few Indian startups to enable continuous wealth creation for its employees,” the company said.
Swiggy, which competes with Gurgaon-based Zomato, said earlier this year that its core food delivery business should become profitable by March 2023 after including all corporate costs and excluding ESOP costs.
In an interview to TOI last month, Rohit Kapoor, CEO of Food Marketplace, had said that the overall addressable market for food delivery has opened up to a great extent post-Covid and companies no longer need to offer heavy discounts to get more users. Kapur had said, “The value proposition on the platform is still on, but if consumers are only going to go after deep discounts, that’s not happening.”