Delhivery Expands ESOP Pool With 75,000 Stock Options

SUMMARY

The logistics unicorn said that the stock options will be available for vesting over a period of three years from the date of grant

The Gurugram-based startup has set the exercise price for stock options under its ESOP 2012 scheme at INR 1 per share

Delhivery slipped into the red in Q4 FY24 with a consolidated net loss of INR 69 Cr, while operating revenue declined 5% QoQ to INR 2,076 Cr during the period

Listed logistics major Delhivery on Friday (May 17) announced the allotment of 75,000 stock options under its Employee Stock Option Plan (ESOP) 2012.

“…We wish to inform that the nomination and remuneration committee… has approved the grant of 75,000 stock options under Delhivery employees stock option plan 2012 to the eligible employees of the Company w.e.f. May 17, 2024,” said the company in a filing with the BSE.

The logistics unicorn said that the stock options will be available for vesting over a period of three years from the date of grant. While 20% of the newly granted ESOPs will vest 12 months from the date of grant, 30% will vest within 24 months. The remaining 50% will have a vesting period of 36 months, as per the company.

The Gurugram-based startup has set the exercise price for stock options under its ESOP 2012 scheme at INR 1 per share. In a filing, the company also said that the allotted equity shares pursuant to their exercise shall not be subjected to lock-in.

“ESOP shares arising on the conversion of the options shall rank pari passu with all the other equity shares of the company for the time being in issue, from the date of allotment,” said the company.

The development came on the same day as the logistics giant released its financial results. The logistics unicorn slipped into the red with a consolidated net loss of INR 69 Cr in the fourth quarter (q4) of the financial year 2023-24 (FY24) as against a net profit of INR 11.7 Cr in the preceding quarter.

On similar lines, operating revenue declined 5% sequentially to INR 2,076 Cr in the quarter ended March 2024 on account of a decrease in express parcel and cross-border service volumes.

On the same day, the company also announced that it is setting up a new wholly-owned subsidiary, Delhivery Robotics India, to manufacture drones and sell them globally, and provide freight air transportation services. The new vertical will also offer Drone as a Service (DaaS) for shipment movement and remote sensing.

The company’s chief business officer and executive director Sandeep Kumar Barasia also tendered his resignation citing personal reasons.

Shares of Delhivery closed 0.78% higher at INR 453.85 on the BSE on Friday (May 17).