Logistics Unicorn Delhivery Vests 1.7 Lakh ESOP Options For Employees

Delhivery Alleges IPO-Bound Ecom Express Used Incorrect Numbers In Its DRHP

SUMMARY

The above ESOP options are vested under the Delhivery Employee Stock Option Plan 2012 and Delhivery Employee Stock Option Plan III 2020, according to the regulatory filing

Including the above allotment, Delhivery’s paid-up share capital has increased from INR 72,81,40,208 to INR 72,83,10,883

The development comes almost a month after Delhivery acquired 100% stake in supply chain startup Algorhythm Tech for an undisclosed amount

Listed logistics unicorn Delhivery has vested 1,70,676 ESOP stock options at a face value of INR 1 apiece to its employees.

The above ESOP options are vested under the Delhivery Employee Stock Option Plan 2012, which granted 87,976 stock options, and Delhivery Employee Stock Option Plan III 2020, which granted 82,700 stock options, according to the regulatory filing.

“The equity shares so allotted, shall rank pari-passu with the existing equity shares of the Company in all respects,” Delhivery said in filing.

Including the above allotment, Delhivery’s paid-up share capital has increased from INR 72,81,40,208 to INR 72,83,10,883.

The development comes almost a month after Delhivery acquired 100% stake in supply chain startup Algorhythm Tech for an undisclosed amount. Post the acquisition, Algorhythm Tech was to become a wholly-owned subsidiary of the logistics unicorn.

Founded in 2011, the Gurugram-based unicorn offers an array of logistics services including express parcel transportation, PTL and TL freight, cross-border, supply chain, and tech services, among others.

In December 2022, the unicorn onboarded the Centre’s Open Network For Digital Commerce (ONDC) platform aiming to leverage its network to 18,000+ pin codes in India. Further, the startup also planned to provide intercity express parcel movement via ONDC.

In November last year, Delhivery’s investor CA Swift Investments sold off 2.5% (worth INR 607 Cr shares) of its stake in the India shares after the expiry of the lock-in period.

In the second quarter of FY22-23, it trimmed its losses by 60% to INR 254.1 Cr from INR 635 Cr in the corresponding quarter previous year (Q2 FY22). Meanwhile, its total revenue grew by 23% to INR 1,883.3 Cr in Q2 FY23 from INR 1,528.1 Cr in Q2 FY22.

Earlier, it claimed to be offering logistics services across 18,454 pin codes in the country. It further asserted that it works along with 29,200+ customers including ecommerce marketplaces, D2C brands and SMEs, and also, onboarded 38,624 delivery agents to date.

Its cap table includes SoftBank Vision Fund, Nexus Venture Partners and Carlyle Asia Partners, among others. In India, it competes with the likes of logistics startups such as ShipHero, Rivigo, and ARTA, among others.