Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
This initiative allows Swiggy employees across all levels and functions to receive liquidity for their ESOPs, marking the company's fifth liquidity event since 2018 and the third consecutive one after similar events in July 2022 and 2023. This consistent approach positions Swiggy as one of the few startups offering regular wealth-creation opportunities for its employees.
To date, Swiggy has enabled over Rs 1,000 crore in ESOP liquidity through these events, benefiting more than 3,200 employees. Girish Menon, Head of HR at Swiggy, highlighted that employee share ownership aligns incentives and fosters a culture of collaborative excellence. He emphasized that the latest ESOP event acknowledges the contributions of Swiggy's employees and reflects the company's commitment to sharing its success with them.
This ESOP plan precedes Swiggy's IPO, expected later this year or early next year, for which the company has already received shareholder approval. The IPO is anticipated to include Rs 3,750 crore ($450 million) in fresh equity sales and an offer for sale (OFS) of shares worth Rs 6,664 crore ($800 million) by existing shareholders.
Major investors such as Prosus, Swiggy’s largest stakeholder with a 33% share, and SoftBank are expected to participate in the OFS. Other shareholders include Accel, Elevation Capital, Meituan, Tencent, Norwest Venture Partners, DST Global, Coatue, Invesco, and GIC.
Swiggy last raised approximately $700 million in January 2022, led by Invesco, which subsequently reduced the company's valuation earlier this year. As of January 2024, Swiggy was valued at $12.7 billion.
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