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Seventy employees at Swiggy are set to become dollar millionaires, each receiving over Rs 8.5 crore ($1 million) following the company's successful IPO, which raised Rs 11,327 crore. In total, 5,000 employees will benefit from Rs 9,000 crore in ESOP payouts, with 500 earning at least Rs 1 crore each. This marks one of the largest ESOP distributions in India's startup landscape, highlighting the significant wealth generated for stakeholders.
India's tax department is poised for a significant revenue increase, potentially around Rs 20,000 crore, as several start-ups, including Flipkart and Pine Labs, explore "reverse flipping" their overseas structures back to India for domestic listings. The department has already collected nearly Rs 10,000 crore from two transactions involving PhonePe and Groww, with PhonePe paying approximately Rs 8,000 crore in taxes after its successful reverse flip in January 2023. Ongoing discussions with stakeholders suggest that additional high-value start-ups could contribute substantially to tax revenues.
Flipkart India Ltd.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Swiggy's IPO creates 70 dollar millionaires among employees with significant ESOP payouts
09:54 13.11.2024
reverse flipping of start-ups could generate 20000 crore tax revenue in india
08:41 31.10.2024
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