Swiggy IPO: Sriharsha Majety and Top Execs Score ₹2,250 Crore in ESOPs! See Who’s in the Crorepati Club

Bengaluru-based food and grocery delivery company Swiggy has given stock options worth $271 million to its senior leadership ahead of its upcoming initial public offering (IPO). This was revealed in Swiggy’s pre-listing prospectus. The Employee Stock Ownership Plan (ESOP), launched in April 2024, primarily benefits the company’s founders and top executives, according to the updated Draft Red Herring Prospectus (DRHP), which was filed on September 27, 2024.

Sriharsha Majety Tops the List

Swiggy’s founder and CEO, Sriharsha Majety, has received the largest portion of these stock options, worth nearly $200 million. This will increase his current 6.23% stake in the company by an additional 2.2% to 2.5%. Majety also plans to sell $7.5 million worth of his shares as part of the Offer for Sale (OFS) in the IPO, further strengthening his position ahead of Swiggy’s public listing.

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Majety, along with co-founder Nandan Reddy, had already sold some of their shares between July and September 2024. Majety sold shares worth $23 million, while Reddy sold $12 million.

Swiggy’s Crorepati Executives

Besides the founders, many other top executives at Swiggy received significant stock options through the ESOP plan.

Former Growth Officer Also Benefits

Ashwath Swaminathan, Swiggy’s former chief growth and marketing officer who left the company in September, received stock options worth $5.7 million before his departure. Despite stepping down, he will continue to benefit from Swiggy’s growth as the ESOPs vest over a period ranging from one to eight years, according to the DRHP.

Swiggy’s Upcoming IPO

Earlier this year, Swiggy confidentially filed for a $1.25 billion IPO with the Securities and Exchange Board of India (SEBI). The fresh issue portion, initially set at $450 million, might be increased to $600 million. Along with the founders and executives, early investors such as Prosus, Norwest Venture Partners, Elevation Capital, Accel, Coatue, and Alpha Wave Global are expected to sell shares in the IPO.