Zomato’s Deepinder Goyal Has A Warning As Swiggy’s 500 Employees Become Crorepatis: Sudden Wealth Syndrome

Swiggy created at least 500 millionaire employees with its Rs 11,300 crore IPO listing, the second largest in the corporate history of India. Several current and former employees became crorepatis overnight as the financial windfall unlocked Rs 9,000 in ESPOs (employee stock option plans). Besides the millionaire employees, several other former and current staff will benefit from the IPO pitara of the food delivery giant. Reacting to Swiggy's newborn millionaire beneficiaries, rival app Zomato’s billionaire boss and co-founder Deepinder Goyal has some nuggets. The former shark digging deep from his own IPO experience in 2021 remarked at the ET Startup Awards that “sudden wealth can create challenges.” It is also known as the Sudden Wealth Syndrome. See Also: Swiggy’s Stock Market Debut Triggers Hilarious Memefest; Reacts To Zomato’s Congratulatory Tweet See Also: Ashneer Grover Made THIS MUCH Money In Mere 8 Minutes During Zomato IPO See Also: Zomato Founder Reveals How Customers Reacted When Wife Grecia Munoz Delivered Zomato Orders The ‘Sudden Wealth Syndrome,’ or SWS, is a phenomenon in which an individual acquires a huge sum of money from lotteries, shares, or other sources and has no idea how to spend the same. Usually the victim squanders the wealth with a spending spree, not knowing where to invest the amount. This happens a lot with crypto investors, lottery winners, and people who suddenly acquire a huge sum from a legal dispute. Speaking about employees who suddenly became wealthier during Zomato’s 2021 IPO, Deepinder Goyal remarked that these competent individuals suddenly turned complacent and lost their drive. He recalls that during this brief spell, there was no work happening in the organization, and he had to “literally clear out pretty much everybody who had lost that drive.”

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