Swiggy Limited Launches Employee Stock Options Plan 2024

Swiggy Limited, a prominent food delivery and quick-commerce platform, has announced new employee stock options under its Employee Stock Option Plan 2024 for eligible team members. The Nomination and Remuneration Committee has approved a resolution to distribute 12,896,462 ESOPs (Employee Stock Options) to employees, as stated in a filing with the National Stock Exchange (NSE).

Details of the Employee Stock Options

According to the recent filings, each of these stock options will be exchanged for an equity share. Given Swiggy’s current market valuation, these newly allocated ESOPs are estimated to be worth Rs 443.4 crore, or around $52 million.

Recent Developments at Swiggy

This announcement occurs just three months after Swiggy distributed 2.61 crore shares through various ESOP initiatives. Consequently, the company’s paid-up equity share capital has risen to Rs 2.26 crore from Rs 2.23 crore.

Investments in Subsidiaries

Recently, Swiggy made a significant investment of Rs 1,000 crore in its subsidiary, Scootsy Logistics, to support expansion efforts. Scootsy Logistics was responsible for 42% of Swiggy’s total revenue in the previous quarter.

Financial Performance

Swiggy has yet to release its financial results for the fourth quarter of the last fiscal year (Q4 FY25). However, in the third quarter of FY25, the company achieved a remarkable 31% year-on-year growth, increasing revenue to Rs 3,993 crore, compared to Rs 3,049 crore in Q3 FY24. Despite this growth, Swiggy’s losses climbed by 39.2%, amounting to Rs 799 crore during the same timeframe.

Stock Market Performance

Following today’s trading session, Swiggy’s stock was priced at Rs 343.85 per share, resulting in a total market capitalization of Rs 78,620 crore (approximately $9 billion). In light of recent market fluctuations, the company’s stock also reached an all-time low of Rs 306.95 on April 7.