Swiggy on Monday said it will buy back shares worth $50 million (nearly Rs 410 crore) from more than 2,000 employees as part of an ESOP liquidation programme.

It had bought back shares worth $23 million or over Rs 180 crore in the first round of the exercise in June last year.

The food and grocery delivery start-up in 2021 announced a two-year ESOP buyback programme for 2022 and 2023.

The announcement comes days after Walmart-owned Flipkart made an handsome payout to staff, estimated to be worth $700 million, through an ESOP buyback.

The bonanza benefited more than 20,000 employees.

In a blogpost, Swiggy said it has initiated “the second tranche of its committed ESOP liquidity program totalling $50 million”.

Over 2,000 employees are eligible, including eligible employees from Dineout, which Swiggy acquired last year.

“Our team is Swiggy’s most valuable asset and we are happy that macroeconomic conditions notwithstanding, we’re able to keep our commitment of sharing Swiggy’s success and growth through these wealth creation opportunities,” HR head Girish Menon said.

Swiggy announced turning EBITDA positive in its food delivery business on March 2023 and said it has successfully integrated Dineout and strengthened its position in quick commerce with Instamart. The company said this is its fourth liquidity event since 2018.

Start-ups have been hit by a funding winter with investments taking a sharp hit. The challenging conditions have led to some of them postponing their IPO plans.