Delhivery Grants 1.66 Lakh ESOPs Ahead Of Q1 Earnings

Ahead of its Q1 FY25 earnings on Friday (August 2), logistics major Delhivery announced allotment of more than 1.6 Lakh employee stock options (ESOPs).

“We wish to inform that the Nomination and Remuneration Committee (“NRC”) of the Board of Directors of the Company has approved the grant of 1,66,122 stock options under Delhivery Employees Stock Option Plan 2012 (“ESOP‐2012”) to the eligible employees of the Company on Friday, August 02, 2024,” Delhivery said.

The board at Delhivery has approved the allotment of 1,66,122 equity shares having a face value of INR 1 each, the company said in an exchange filing.

Out of a total of 166,122 stock options, 46,122 will vest in a staggered manner. Initially, 10% of these options will vest upon the completion of 12 months from the grant date, followed by 30% upon the completion of 24 months.

The remaining stock options will vest at a rate of 15% every six months thereafter. The remaining 120,000 stock options have a different vesting schedule, with 20% vesting after 12 months from the grant date, 20% vesting upon the completion of 24 months, and the remaining options vesting at a rate of 15% every six months thereafter.

Last month, Delhivery alloted 36,525 stock options under the Delhivery Employees Stock Option Plan 2012. Prior to that, in May, the startup issued 75,000 stock options under ESOP-2012.

On Thursday, Zomato announced allotment of more than 35.17 Lakh employee stock options (ESOPs). The board at Zomato approved the allotment of 35,17,051 equity shares having a face value of INR 1 each.

Meanwhile, Delhivery incurred a consolidated loss of INR 69 Cr in Q4 of FY24 as against a net profit of INR 11.7 Cr in the preceding quarter. Revenue from operations declined 5% on a quarterly basis to INR 2,076 Cr in Q4 on the back of a reduction in express parcel and cross-border service volumes.