Team Blitz India
NEW DELHI: Food and grocery delivery startup Swiggy said on July 24 that it will be buying back shares worth $50 million from 2,000 staffers which were issued to them as part of the company’s employee stock option plan (ESOP).
The buyback comes at a time when the Indian startup ecosystem is in the midst of a funding winter which has forced several new-age companies to conserve cash and extend their cash runways which has mostly happened by laying off thousands of employees.
With the announcement, Swiggy joins a growing list of new-age companies that have rewarded their employees this year.
The ESOP liquidation exercise is part of Swiggy’s announcement in 2021 where it said employees would be rewarded for their performance in 2022 and 2023.