Swiggy grants stock options worth ₹150cr to employees
What's the story
Swiggy, the popular food and grocery delivery platform, has announced a fresh round of employee stock option (ESOP) grants. The new grant is worth around ₹150 crore under its ESOP 2024 plan. According to a regulatory filing, Swiggy has issued 38.86 lakh stock options under this plan at an exercise price of ₹1 each.
Conversion details
Details of the newly issued stock options
The newly issued stock options will convert into fully paid-up equity shares once they are vested. Employees can exercise these options anytime after the vesting period, up until the company's liquidation. The total value of this grant is estimated based on the last closing price of ₹385.15 per share in the market.
Past grants
Swiggy's financial performance and previous ESOP grants
In April, Swiggy had announced an ESOP package worth ₹443.4 crore for eligible employees. The company also revealed in January that it had approved the allotment of over 2.61 crore equity shares to eligible employees under its Swiggy ESOP Plan 2015 & Swiggy ESOP Plan 2021. Despite a nearly doubling of net losses to ₹1,081 crore in Q1 due to aggressive expansion plans, Swiggy's operating revenue grew by 45% year-on-year to ₹4,410 crore during the same period.