Delhivery allots ESOPs worth Rs 46.3 Cr to 66 employees

Logistics and supply chain services company Delhivery has allotted fresh ESOP to over five dozen former and existing employees just after filing its draft red herring prospectus (DRHP) to raise Rs 7,460 crore through Initial Public Offering (IPO).

Delhivery has passed a special resolution to allot 12,17,500 equity shares worth Rs 46.3 crore to 66 employees on exercise of their stock options, the company’s regulatory filings show. 

Sanjay Rao, Hrishikesh Kelkar, Sabyasachi Senapati and Vikram Khurana are the biggest beneficiaries in this ESOP allotment with 215K shares worth Rs 8.2 crore, 172K shares worth Rs 6.53 crore, 92K shares worth Rs 3.5 crore and 64K worth Rs 2.44 crore respectively.

Importantly, Delhivery had allotted 146,961 Series I preference shares on September 2 at an issue price of Rs 38,000 per share which were convertible into equity shares in the ratio 1:100. Each equity share was priced at Rs 380 each as per the latest allotment. 

Only last month, Delhivery had issued bonus shares to shareholders in which around 90 individuals and entities have been listed as recipients of the shares.

The Sahil Barua-led company has raised over $500 million across the rounds this year. Lee Fixel’s Addition had led a $125 million round in September. 

In July, the Gurugram-based firm picked up a $100 million led by FedEx Express and $277 million in May. The company has raised $1.44 billion to date and was valued at around $3 billion as of May 2021. 

Started as e-commerce focused logistics company, Delhivery diversified to become a full-stack logistics and supply chain solutions provider. Its services include express parcel delivery, heavy goods delivery and warehousing. The company claims to have 20 fully and semi-automated sortation centres and 86 gateways across India. 

In its DRHP, Delhivery Limited reported a 31% jump in its operating revenue of Rs 3,646.5 crore in FY21 from Rs 2,780.5 crore in the previous fiscal. During the period, its net losses surged from Rs 269 crore in FY20 to Rs 415.7 crore in FY21.

Delhivery also provided revenue and loss figures for the first quarter of the ongoing financial year i.e. Q1 FY22. The company registered Rs 1,318 crore in revenue and Rs 129.6 crore total loss for the three months period (April-June).