Swiggy rolls out Rs 150 crore in fresh Esops under 2024 plan
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Food and grocery delivery platform Swiggy has announced a fresh round of employee stock option (Esop) grants, valued at Rs 150 crore.According to a filing with the NSE dated July 11, Swiggy has issued 38.86 lakh stock options under its Esop 2024 plan. Based on the previous market close of Rs 385.15 per share, the total value of the grant is estimated to be around Rs 150 crore.These stock options come with an exercise price of Re 1 each, converting into fully paid-up equity shares once vested. They may be exercised at any point following the vesting period, right up to the company's liquidation.In April, the Sriharsha Majety-led company had introduced an Esop package valued at Rs 443.4 crore for eligible employees, as disclosed in a separate NSE filing.This follows a similar development reported by ET in January, when Swiggy stated in an exchange filing that it had "approved the allotment of 2,61,93,411 equity shares of the Company pursuant to the exercise of stock options by the eligible employees, under Swiggy ESOP Plan 2015 & Swiggy ESOP Plan 2021."During the January–March quarter, Swiggy's net loss nearly doubled to Rs 1,081 crore, primarily due to the rapid expansion of its quick commerce vertical, including the addition of close to four dark stores per day.However, this aggressive push also boosted Swiggy's consolidated operating revenue, which rose 45% year-on-year to Rs 4,410 crore.As of 11:15 am on Monday, Swiggy's stock was trading at Rs 389.60 per share.
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