16 Nov 2024
70 former and current employees stand to earn over $1 million (₹8.5 crore each) in Employee Stock Option Plans (ESOPs).
Food delivery major Swiggy’s ₹11,327 crore IPO last week is among the largest for a startup in recent years. Its shares debuted at ₹420 on the National Stock Exchange (NSE), a 7.7% premium over the issue price of ₹390. They opened at ₹412 on the Bombay Stock Exchange (BSE), a gain of 5.64% from the issue price.
Of the 5,000 Swiggy employees set to earn ₹9,000 crore in ESOP payouts, 500 will earn over ₹1 crore each, and 70 of these 500 will take home over ₹8.5 crore each. Moneycontrol reported that Swiggy co-founders and the top executive team received $200 million in ESOP payouts before the IPO. Several of them saw their ownership stake in the company rise before the listing.
Zomato had listed on the exchanges in 2021 and generated ESOP payouts worth ₹7,000 crore. Flipkart paid ₹5,800 crore to 17,000 existing and former employees in July 2023.