Zomato-rival Swiggy grants ESOPs worth ₹1,171cr to its employees
What's the story
Swiggy, a popular food delivery platform in India, has issued 2.61 crore shares to its employees under different Employee Stock Ownership Plan (ESOP) schemes.
According to a regulatory filing dated January 25, Swiggy "approved the allotment of 2,61,93,411 equity shares of the company pursuant to the exercise of stock options by the eligible employees."
Plan details
ESOPs under 2015 and 2021 plans
The equity shares were allotted under two particular schemes: the Swiggy ESOP Plan 2015 and the Swiggy ESOP Plan 2021.
This move has increased Swiggy's paid-up equity share capital from ₹2.23 crore to ₹2.26 crore, the filing stated.
So far, Swiggy has launched three ESOP plans—in 2015, 2021, and 2024.
Trend analysis
ESOP allocation trend and market value
The practice of allocating ESOPs, popularized by IT giants like Infosys, has now become a norm.
These companies tend to offer additional stock options to founders and senior management as incentives ahead of a public listing.
The market value of the ESOP allocation is pegged at ₹1,171 crore at Swiggy's last trading price of ₹448.85 on Friday.