Inside Swiggy's listing gains: 70 dollar millionaires, 500 crorepati employees

Swiggy market listing: As many as 70 current and former employees stand to become dollar millionaires.

In Short

• Swiggy's IPO creates 70 dollar millionaires through substantial ESOP payouts
• 5,000 Swiggy employees gain Rs 9,000 crore from ESOP program
• Swiggy stock closes up 18%, rewarding first-day IPO investors

Swiggy's IPO not only marks one of the largest listings in recent times for a new-age company but also brings substantial financial rewards for thousands of its employees.

As the food delivery and quick commerce giant made its stock market debut on November 13, as many as 70 current and former Swiggy employees stand to become dollar millionaires, reported moneycontrol.com.

This means each of them is poised to receive over Rs 8.5 crore (around $1 million) through the company's employee stock options (ESOPs),

The elite group of 70 is part of a broader pool of 5,000 employees set to benefit from Swiggy’s ESOP program.

Altogether, 5,000 staff members are expected to receive a cumulative Rs 9,000 crore in ESOP payouts. From this group, 500 employees will take home at least Rs 1 crore each, with the top 70 reaping the largest rewards.

The substantial payouts highlight how Swiggy’s success has translated into wealth creation for its workforce, adding new milestones for employee benefits in India’s startup ecosystem.

The scale of Swiggy’s ESOP payout is rare, particularly within India’s burgeoning startup sector, where such large-scale wealth generation for employees remains uncommon.

Swiggy’s IPO has also drawn attention due to the success and vision of its leadership. Co-founders Sriharsha Majety, Nandan Reddy, and Phani Kishan, alongside top executives like food marketplace CEO Rohit Kapoor and Instamart head Amitesh Jha, have reportedly received a combined $200 million (approximately Rs 1,600 crore) in ESOPs just ahead of the listing.

Shares of the Bengaluru-based food delivery giant listed at Rs 420 on the National Stock Exchange (NSE), marking a premium of 8% over the IPO price of Rs 390.

At market closing, shares of Swiggy gained 10.48% more at Rs 464. Therefore, on the first day, Swiggy shares delivered over 18% returns to its IPO investors.