Swiggy Awards $271 Million in ESOPs to Top Executives Ahead of IPO

Bengaluru-based food and grocery delivery giant Swiggy has rewarded its senior leadership with stock options worth $271 million as the company prepares for its highly anticipated initial public offering (IPO). According to Swiggy’s updated Draft Red Herring Prospectus (DRHP), filed on September 27, 2024, the Employee Stock Ownership Plan (ESOP), launched in April 2024, has primarily benefited the company’s founders and top executives.

Sriharsha Majety Tops the List of Beneficiaries

Swiggy’s co-founder and CEO, Sriharsha Majety, received the largest portion of the ESOPs, valued at nearly $200 million. This allocation is expected to increase Majety’s stake in the company by an additional 2.2–2.5%, boosting his existing 6.23% holding. Additionally, Majety plans to sell $7.5 million worth of shares as part of the Offer for Sale (OFS) during the IPO.

Both Majety and co-founder Nandan Reddy had previously sold shares through secondary transactions between July and September 2024. Majety sold $23 million worth of shares, while Reddy offloaded $12 million.

Other Executives Join Swiggy’s ‘Crorepati Club’

Several other senior executives also received substantial stock options under the new ESOP plan, including:

• Nandan Reddy (Co-founder): Sold $12 million worth of shares between July and September 2024.
• Phani Kishan Addepalli (Chief Growth Officer): One of the top recipients of the ESOP plan, playing a crucial role in Swiggy’s expansion strategy.
• Rahul Bothra (Chief Financial Officer): Recognized for overseeing Swiggy’s finances ahead of its IPO.
• Madhusudhan Rao (Chief Technology Officer): Awarded significant stock options for leading Swiggy’s tech innovation.
• Rohit Kapoor (CEO, Food Marketplace): Received stock options worth approximately $9.8 million since joining Swiggy in August 2022.
• Amitesh Jha (CEO, Swiggy Instamart): Granted stock options worth around $13.3 million after his appointment in September 2024, joining from Flipkart.

Former Executive Also Reaps Benefits

Ashwath Swaminathan, Swiggy’s former Chief Growth and Marketing Officer, who stepped down in September 2024, was granted stock options worth $5.7 million. Although no longer with the company, Swaminathan will receive vested options.

Also Read: Swiggy Files Updated IPO Papers, Seeks Rs 3,750 Crore