We are discussing Logistic Startup Delhivery Expands its ESOP Pool by Allocating 6.49 Lakh Stock Options:
Delhivery, a digital delivery platform offering logistic startup, expanded its Employee Stock Option Plan by offering its employees more than 6.49 lakh stock options. The company claims to develop operating systems for commercial purposes through a combination of world-class infrastructure and logistics operations using its advanced and cutting-edge technology. These newly allocated employee stock option plan shares are worth Rs 25.45 crore.
The company mentioned in a stock exchange filing that the board approved granting 6,49,547 equity shares at a face value of Rs 1 per share to those under the Delhivery employee stock option plan. Out of these 6,49,547 equity shares, the company allotted 3.42 lakh equity shares under Delhivery ESOP 2012 plan, followed by 1.87 equity shares under ESOP II 2020, and around 1.19 lakh equity shares were allocated under ESOP III 2020 scheme. The startup previously announced that 20 percent of its newly granted ESOPs will be vested in a year, with 30% vested in 2 years, while the remaining 50 percent will have a vesting duration of 36 months from the grant date.
Inc42 mentioned that the paid-up share capital of this startup will increase after this allotment to Rs 73.91 crore. This marks the third time this logistic startup has increased its ESOP’s pool size in the last month. The company expanded its pool size under the ESOP 2012 scheme by allocating 75,000 stock options. The development came after the company reported a net loss of Rs 69 crore in its fourth quarter of FY24. The company also plans to establish its subsidiary, Delhivery Robotics India, to provide Drones as a remote sensing and shipment service option.
The logistic startup reported an increase in its overall income to Rs 2,194.5 crore in FY24. However, the operational revenue decreased by 5 percent quarter-to-quarter to Rs 2,076 crore in the same duration. The company has been dealing with internal challenges, such as decreased express parcel and cross-border service deliveries. The stock options under the ESOP scheme offered by the startup have a price set at Rs 1 per share. Delhivery offers a platform that enables users to connect with various services and track their packages across India. Many startups, including Paytm, Nykaa, and Purple, announced their ESOP expansion plans to offer liquidity to employees.
Conclusion
Delhivery expanded its employee stock option Plan by allocating 6,49,547 equity shares to its employees. These newly allocated shares are worth around Rs 25.45 crore. The logistic startup manufactures drones and offers a platform that allows its users to track their packages across India.
This is the third time this company has expanded its employee stock option plan in the last month. Delhivery’s ESOP 2012 scheme allotted 3.42 lakh equity shares to employees, followed by 1.87 lakh shares under the stock unit plan of ESOP II 2020 and 1.19 lakh equity shares under the ESOP III 2020 scheme.
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