Employee stock ownership plan (ESOP) liquidity program has been rolled out by Swiggy worth $7-9 million for its current employees and those laid off due to pandemic.
Back in June 2018 food delivery startup offered its employees a stock liquidity opportunity. This is the second time Swiggy has planned such a program. This means, about 40 per cent of the employees at Swiggy will be able to avail of the scheme. The Company has made a quick recovery post the unlock phase of the pandemic. In fact, business is almost crossed pre-COVID levels now. In May swiggy laid off 1100 workers followed by 350 layoffs in July across grades and functions.
It is not just Swiggy that is offering such an ESOP liquidation scheme as a reward to its employees. Meesho, the social commerce platform, is also rewarding its employees by allowing them the option to sell up to 100 per cent of their vested employee stock ownership plans. In this round, the present investors in Meesho will buy back shares worth five million dollars from employees.