Swiggy rewards employees with a ESOP liquidity program of up to $9 million

Foodtech major Swiggy has started a liquidation program which will let employees exercise their employee stock ownership plan (ESOP). This is the second such liquidity event at the company and they are hoping to see participation from the family offices of leading industrial houses and a few individuals. Over 40% of their past and present employees with ESOP benefits will be eligible to exercise their stocks. Swiggy says some of them will be able to liquidate their ESOPs at as much as 3x premium of the allotted price.

Foodtech Startup, Eatlo Has Shutdown [?]

The startup was founded in 2014 by Sai Priya Mahajan and Rahul Harishanka. Eatlo’s team comprised of 100 people, of which 60 were delivery boys and others included from operations, marketing and tech departments. The foodtech company had raised a second round of angel funding in June.

Ola Launches On Demand Grocery Delivery App ‘Ola Store’

The service is available from 8am to 11 pm daily and the store has over 12,000 products listed across 13 categories. Ola Store is currently being tested in the city of Bangalore and is available only on Android devices. Free delivery can be availed on purchases above Rs 250, or else the delivery charge is Rs 30. Users can opt for instant 90-min delivery of pick between 1-hour slots.

Swiggy Raises $16.5mn In Series B Led by Norwest

The total food delivery market in India is estimated to be USD6 billion and continues to expand at a rapid clip. Swiggy’s delivery infrastructure solves a major need in the market by enabling restaurants to concentrate on their core business and scale up their delivery revenues.