Swiggy, the Indian food delivery giant, has announced the second tranche of its $50 million optional ESOP buyback program. The buyback will be open to eligible employees who have vested ESOPs on or before April 1, 2023. The valuation for the buyback has been lowered to $1.7 billion, which is a 30% discount to the company’s last funding round.
The buyback is part of Swiggy’s efforts to reward its employees and retain talent. The company has been facing increasing competition from rivals such as Zomato and Uber Eats. The buyback is also seen as a way to boost employee morale, as it will allow employees to cash in on their vested ESOPs at a discounted valuation.
The buyback is expected to benefit around 2,000 employees, including those who transitioned from Dineout after its acquisition by Swiggy. The payouts will be made alongside the July salary payments, at the start of August.
The buyback is a positive development for Swiggy and its employees. It shows that the company is committed to rewarding its employees and retaining talent. The buyback is also likely to boost employee morale and productivity.