Foodtech major Swiggy has allotted equity shares to its leadership team under its Employee Stock Ownership Plan or ESOP.
Swiggy has allotted 500 equity shares to the leadership team including COO Vivek Sundar, CTO Dale Vaz, CFO Rahul Bothra and HR head Girish Menon, regulatory filings show.
As per Fintrackr’s estimates, each has been allotted shares worth Rs 2.95 crore which makes the total allotment to Rs 11.8 crore.
With the fresh allotment, Swiggy has joined the likes of Licious, Paytm, CRED, FarEye, Nykaa, Zetwerk and Razorpay, which have either expanded their ESOP pool or offered liquidity options in 2021.
This comes five months after Swiggy rewarded its existing employees with a new ESOP liquidity program. As per media reports, the secondary liquidity programme was worth around $7-9 million. So far, the Bengaluru-based company has concluded two ESOP liquidity programs including the previous one in June 2018.
Swiggy’s rival Zomato, which is all set to go IPO this year, also offered an ESOP buyback worth $30 million in 2020.
Meanwhile, Swiggy is reportedly negotiating a $700-800 million round from Qatar Investment Authority, GIC, Falcon Edge along with some existing and new investors. The company had last raised $158 million as a part of its Series I round in multiple tranches in 2020 at a valuation of $3.7 billion.
During Swiggy’s last tranche of Series I round in May 2020, Fintrackr had decoded the company’s shareholding structure in which the collective stake of its three co-founders Sriharsha Majety, Nandan Reddy and Rahul Jaimini was estimated at 10%. Swiggy’s CEO Majety held a 5.54% stake while Jaimini, who left the company in May, was controlling a 2% stake.