Logistics giant Shadowfax has announced the addition of fresh employee stock options (ESOPs) under its existing ESOP 2016 plan.
The company’s board has approved the amendment of the Employee Stock Option Plan 2016, with 20,229 new stock options for employees across the company, subsidiaries, and associate entities, according to regulatory filings.
Each ESOP option will convert into equity shares, estimated to be worth approximately Rs 61 crore (around $7.3 million), based on analysis.
The move aims to attract, incentivize, and retain talent within the management cadre, allowing employees to partake in the company’s long-term growth.
This development follows Shadowfax’s $100 million Series E round led by TPG NewQuest, which included secondary financing, a few months ago.
Shadowfax boasts a robust network, facilitating swift delivery services to a wide customer base. Operating over 2,000 trucks daily and servicing more than 200 airline lanes, it connects over 3,000 last-mile hubs. Additionally, it has a network of 125,000 monthly active delivery partners and 3.5 million registered users.
Expanding its reach, Shadowfax recently launched services in Port Blair, aiming to extend its network to over 15,000 pincodes by March 2025.
Financially, Shadowfax reported revenue of Rs 1,415.40 crore in FY23, up from Rs 990 crore in FY22, as per data from TheKredible. Losses were controlled at Rs 141 crore in FY23 compared to Rs 176 crore in the previous fiscal year. Audited financial statements for FY24 are pending.
This move underscores Shadowfax’s commitment to fostering employee ownership and its strategic expansion in the logistics sector.
