Shadowfax Allocates New ESOPs Valued at $7.3 Mn

Logistics firm Shadowfax has introduced new employee stock options (ESOP) for its workforce as part of the existing ESOP 2016 plan. According to a regulatory filing obtained from the Registrar of Companies, the board has sanctioned an amendment to Shadowfax’s Employee Stock Option Plan 2016, adding 20,229 new stock options for the company, its subsidiaries, and associated entities.

According to filings, every ESOP option will be converted into equity shares. Based on Fintrackr’s estimates, the newly added ESOP options are valued at approximately Rs 61 crore ($7.3 million). The goal is to attract, motivate, and retain talent in the management team, allowing employees to partake in the company’s long-term growth. According to estimates, the total value of the ESOP Plan is approximately Rs 264 crore, with a total of 86,033 employee stock options. This announcement follows Shadowfax’s $100 million Series E round, which was led by TPG NewQuest. The round also included secondary financing.

Related: Logistics Giant Shadowfax Secures $100M Series E Funding

Shadowfax delivers services to an extensive clientele with exceptional turnaround times (TAT) at highly competitive rates. The company boasts a daily operation of 2,000 trucks and over 200 airline routes, linking more than 3,000 last-mile hubs.

Shadowfax’s network features 125,000 active delivery partners monthly and 3.5 million registered users. The recent introduction of services in Port Blair marks a significant expansion, with the goal of covering over 15,000 pincodes and achieving complete pincode coverage by March 2025.

Shadowfax reported a revenue of Rs 1,415.40 crore in FY23, an increase from Rs 990 crore in FY22. The company managed to reduce its losses to Rs 141 crore in FY23 from Rs 176 crore in the previous fiscal year. The audited financial statements for FY24 are still pending.

Shadowfax, a leading logistics firm, has introduced a new amendment to its Employee Stock Option Plan 2016, adding 20,229 new stock options valued at approximately Rs 61 crore ($7.3 million). This move aims to attract, motivate and retain top talent, allowing employees to participate in the company’s long-term growth. Shadowfax has seen impressive expansion, operating 2,000 trucks and over 200 airline routes, with 125,000 active delivery partners and 3.5 million registered users. Financially, the company reported a revenue of Rs 1,415.40 crore in FY23, reducing losses to Rs 141 crore, positioning it for continued success.