Swiggy announces 2nd tranche of $50 mn ESOP liquidity programme

On-demand convenience platform Swiggy announced the second tranche of its two-year employee stock ownership plan (ESOP) liquidity programme on Monday. Around 2,000 employees will benefit from the program that will see the company buying back shares worth $50 billion, it said. This comes months after the company announced profitability in its first core food delivery business since it first started operations in 2014.

The company had first announced the two-year buy back programme in 2021, to be spread over 2022 and 2023. The second tranche has also allowed employees of Dineout, which it had acquired in May last year for $100 million, to avail the benefits of the buyback.