2025: The year late-stage funding makes a comeback?

On the evening of November 13, as the startup ecosystem's elite gathered at a posh Mumbai restaurant to celebrate Swiggy's successful IPO, one former HR associate at the foodtech firm boarded a late-night flight to his village in Jharkhand. Having spent nearly six years at Swiggy, he reaped over a crore from Swiggy’s IPO and wanted to share the joyous moment with his family. 

Back in 2018 when the HR associate had joined Swiggy, the platform was still relatively unknown outside metro cities. At the time, he was hesitant to leave a stable job at a multinational conglomerate for a punt on a fast-growing but, ultimately, loss-making startup. However, the prospect of a nearly 60% salary hike and employee stock options (ESOPs) convinced him to take the leap.

“The ESOP component felt pointless to me at the time. I was pushing for a 70% hike without any ESOPs, but they weren’t willing to budge,” he shared with The CapTable. “Looking back now, I’m especially grateful I took those ESOPs after all,” he added with a smile.