Swiggy, a delivery service for food and groceries gearing up for its initial public offering (IPO), has allocated employee stock options (ESOPs) valued at $271 million to its founders and senior management as part of a new stock compensation plan initiated in April, as detailed in the company’s pre-IPO prospectus.
Approximately $200 million of this allocation was given to Sriharsha Majety, the founder and group CEO of Swiggy. The remainder was distributed among co-founders Nandan Reddy and Phani Kishan Addepalli, CFO Rahul Bothra, CTO Madhusudhan Rao, CEO of the food marketplace Rohit Kapoor, and the newly appointed CEO of Swiggy Instamart, Amitesh Jha.
Reddy leads innovation efforts at Swiggy, while Addepalli serves as the chief growth officer. Currently, Majety holds a 6.23% stake in the company on a fully diluted basis and could potentially increase his ownership by an additional 2.2-2.5% through the 2024 ESOP plan. He intends to sell shares valued at $7.5 million as part of the IPO’s offer for sale (OFS). Read More -- https://voiceofentrepreneur.life/
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