Shiprocket is an e-commerce logistic unicorn that provides shipping software and logistics management solutions for e-commerce businesses. The firm expanded the Employee Stock Option Plan by allocating 31,011 stock options to its current ESOP pool. This is the firm’s maiden ESOP expansion round bringing the total ESOP size to Rs 757 crore. The company provides innovative logistic solutions, order management, order tracking, and more. These newly allocated employee stock option plan shares are worth Rs 135 crore.
The company posted that in a stock exchange filing the board approved the allotment of 31,011 stock options to those under the Shiprocket employee stock option plan. The company allotted these fresh equity shares under the Shiprocket Employee ESOP 2016. The logistic firm announced that these stock options brought the total ESOP pool size to 174,440 options. Shiprocket offers a platform using a machine learning-based data engine that produces track orders from a single panel, shipping labels and suggests courier services.
The startup has raised around 323 million USD across multiple funding rounds since its inception, including $11 million secured during its series E funding round at a post-money valuation of 1.21 billion USD from Afos. The startup data intelligence platform, thekredible’s report showed that the existing investor Bertelsmann Nederland B.V is the largest external stakeholder of the firm with 25.1 percent. Tribe Capital follows closely with a 15.80 percent stake in Shiprocket.
The development came after the company announced its financial results for FY24. This marks the first time since this logistic firm expanded its employee stock option plan’s pool size in the past few months. The company plans to launch its initial public offering round in 2025 with an estimated funding round of Rs 2,500 crore. The company’s closest competitor Unicommerce recently acquired Shipway. This marks the first expansion of Shiprocket’s employee stock option plan pool sizes for this month.
The logistic service and supply chain provider reported a 21 percent increase in its revenue to Rs 1,316 crore in FY24. However, the net loss was around Rs 595 crore in the same duration. The Gurugram-based startup has investors including Lightrock, Zomato, Paypal, and Temasek. Shiprocket faces competition from other e-commerce platforms in the same market segment including ShopKirana, Unicommerce, Pickrr, and ShipBob.
Conclusion :
Shiprocket expanded its employee stock option Plan by allocating 31k stock options under its employee Stock Option Plan 2016. These newly allocated shares are worth around Rs 134 crore. The logistic service solution and supply chain providing platform provides shipping software solutions for e-commerce businesses. This is the maiden Employee Stock Option Plan expansion round.
The Gurugram-based logistic firm allows customers to manage orders across various marketplaces with order tracking using AWB tracking numbers, order IDs, and more. The addition of new stock options brought the total ESOP size to 17,44,40 stock options. This pushed the total ESOP plan worth to be around 90 million USD. The company posted revenue of Rs 1,316 crore and competes with other platforms like Unicommerce.
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