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Swiggy to Purchase Shares Worth $23 Million to Incentivise Employees
Swiggy, which had raised $700 million in January this year, at a valuation of over $10 billion.

Swiggy, which is one of the country’s largest food delivery and grocery delivery apps, came out to announce that the company will be purchasing shares back that amount to around $ 23 million USD that were set aside as part of their employee stock option plan. They will be purchased from around 900 workers of the company in a bid to motivate them to work harder and more efficiently.

Swiggy by Forbes

The company has also started a brand new scheme known as Buy Your Own Dollar (BYOD), Where the workers of the company have a choice if they want to put in their money in to the company’s employee stock option plan. Previously, these types of shares were only offered to employees if they have been working at the company for a set amount of time, or if they have been performing well. But, with this new scheme, any full time employees are allowed to purchase these shares.

The company went on to say that the upcoming time to liquidate this type of shares will take place in a year which will allow workers to liquidate the shares that they purchased.

In their public statement, they said that enriching the people that work for the company by giving them the option to increase their wealth is of paramount importance at Swiggy. They went on to say that they are glad to see the wealth of their workers go up after the liquidity.

They went on to say that they are very glad that they can expand this scheme and even add another one in BYOD which will definitely increase the wealth of all workers irrespective how long they have been working at the firm. They are working hard to make sure that as many employees can have a good financial gain while working for the company.

At the start of the year, the company received investments amounting to $ 700 million USD which allowed Swiggy to break boundaries and cross the threshold of a $ 10 billion USD valuation, making it one of the most successful start-up companies in the country’s history. With this funding, the company was able to introduce a 24 months long employee stock option plan liquidity scheme that set them back by around $ 40 million USD.

Companies that value their employees and showcase them with benefits naturally make it a very attractive place to work at and at the same time will surely foster an environment where people want to give it all for their employers.

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