Swiggy has rolled out an employee stock ownership plan (ESOP) liquidity programme worth $7-9 million for its current employees and those who had been laid off due to the COVID-19 pandemic, says a news report.
Back in June 2018, the food delivery startup became the youngest internet startup to offer its employees a stock liquidity opportunity. This is the second time that the food delivery startup has planned such a program.
In May this year, Swiggy had laid off 1,100 employees. The drive was followed by another round of layoffs in July with 350 people losing their jobs across grades and functions.
Confirming the news to Financial Express, Swiggy’s Human Resource Vice President Girish Menon said, “ . . . . . over 40 per cent of our employees with ESOP benefits – current and those we had to, unfortunately, part ways with earlier this year will be eligible to exercise their stocks. Some of them will be able to liquidate their ESOPs at as much as 3x premium of the allotted price.”
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