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

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

This means that each of them is set to receive more than Rs 8.5 crore (around $1 million) through the company’s employee stock options (ESOPs),

This elite group of 70 people is part of a larger pool of 5,000 employees who are expected to benefit from Swiggy’s ESOP program.

A total of 5,000 staff members are expected to receive a cumulative amount of Rs 9,000 crore in ESOP payments. From this group, 500 employees will take home at least Rs 1 crore each, with the top 70 reaping the biggest rewards.

These substantial payouts highlight how Swiggy’s success has translated into wealth creation for its staff, adding new milestones in employee benefits in the Indian startup ecosystem.

The scale of Swiggy’s ESOP payouts is rare, especially in India’s booming startup sector, where such large-scale wealth generation for employees remains rare.

Swiggy’s IPO also attracted 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, are said to have received a total of $200 million (around Rs 1,600 crore) in ESOP just before listing.

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

At the market close, Swiggy shares gained 10.48% more to Rs 464. Therefore, on the first day, Swiggy shares gave a return of over 18% to its IPO investors.