Swiggy Gives Rs 329 Crore Of Stocks To These Employees; Who’s The Biggest Beneficiary?
Swiggy is awarding equity shares to its employees and management stock ownership plan (MSOP) to its top executives under its employee stock ownership plan (ESOP).
Rs 132.5 crore worth of ESOP equity shares have been allotted to 180 of its employees as per the company’s regulatory filings.
Top 3 Employees
The biggest beneficiary is its CFO Rahul Bothra who has been allotted MSOP worth Rs 31.2 crore.
He is followed by Anuj Rathi (SVP, revenue and growth) who received Rs 20.4 crore worth MSOP.
Coming in third is Phani Kishan Addepalli with MSOP amounting to Rs 8.3 crore.
He was recently dubbed co-founder of Swiggy and named as CEO of Supr Daily.
The remaining Rs 72.6 crore has been allotted to 177 employees.
Notably, all the above-stated ESOP shares have been allotted at an exercise price of Re 1 per share only.
In a separate filing, the company disclosed that its co-founder and CEO Sriharsh Majety has been allotted MSOP equity shares worth Rs 196.4 crore.
This takes the total figure to Rs 329 crore.
The allotments come on the back of its announcement on October 6 that its employees will be able to cash in stock options worth $35-40 million over the next two years — in July 2022 and 2023.
The move is aimed at increasing visibility and transparency around ESOPs.
The value of the stock options will increase as the company’s valuation does.
At its last fundraise of $1.25 billion in July, it was valued at $5.6 billion.
It is now heading for another round which could take the figure closer to $10 billion.
This is Swiggy’s second allotment of equity shares under ESOP scheme.
In the first allotment in April, it had given 500 equity shares worth Rs 11.8 crore ( each share being Rs 236,000) to the leadership team.
The executives in the bracket comprised former COO Vivek Sunder, CTO Dale Vaz, CFO Rahul Bothra and HR head Girish Menon.
Sunder is no longer in the company since he joined edtech startup Cuemath to become CEO three months later.