Swiggy Limited today informed the stock exchanges that its Nomination and Remuneration Committee has approved the grant of 38,86,049 stock options under its ESOP Plan 2024 for eligible employees across the group and subsidiaries .
What’s the Deal?
Under the ESOP Plan 2024, approved today, each option converts to one equity share with a face value of ₹1. The exercise price is fixed at ₹1 per share. Employees can exercise their options anytime post-vesting, up until company liquidation—or within 36 months of departure, if they leave earlier. The vested shares allotted won’t be subject to any lock‑in restrictions .
This fresh tranche of options follows Swiggy’s earlier rounds this year—1.28 crore shares allotted in April, 2.61 crore in January, and 8.64 lakh in February under various ESOP schemes . Back in March, the company also allotted 38.31 lakh shares under ESOP 2015 and 2021 series .
Swiggy’s Broadening Growth Strategy
Instamart Expansion & Rebranding Swiggy’s quick‑commerce arm, Instamart, has now reached 100 cities, bolstering growth in response to surging demand . In Q4 FY25, Instamart recorded a staggering 101% YoY jump in Gross Order Value (GOV), reaching ₹4,670 cr, and launched 316 dark stores in one quarter . Earlier this spring, Swiggy repositioned Instamart as a standalone brand, mirroring in part Zomato’s move to ‘Eternal’ . Leadership Moves Swiggy elevated SVP Saurav Goyal—previously heading business finance—to now also lead Driver & Delivery operations, aiming to reinforce its logistics backbone . Reports suggest Ankit Jain, ex-Flipkart executive, may join Instamart as SVP, hinting at further senior-level reshuffling . Quarterly Results on the Way Swiggy is scheduled to announce its Q1 FY26 earnings on 31 July 2025, with a board meeting already flagged for that purpose . Financials & Market Performance In Q4 FY25, Swiggy posted a widened loss of ₹1,081 cr, nearly double from last year, driven by significant investment in Instamart expansion . Despite this, operating revenue climbed ~45%, and Instamart’s GOV doubled, reflecting robust underlying demand . The stock has slid ~39% YTD, trading near ₹331 on the BSE, although analysts maintain a ‘Buy’ rating with target prices around ₹508—implying ~53% upside .
What It All Adds Up To
ESOP grants underscore Swiggy’s push to reward and retain talent amid its rapid expansion. Instamart’s strong order growth and city rollout, coupled with a standalone brand strategy, signal increased focus on quick commerce. Leadership changes and a robust financial calendar show the company’s preparation for the next growth phase. While profitability remains a challenge, sustained revenue growth and investor optimism signal long‑term confidence.
Looking ahead, all eyes will be on the upcoming Q1 results (31 July) and how Swiggy navigates the balance between growth investments and path to profitability.
