Shadowfax adds fresh ESOPs worth $7.3 Mn

Logistics company Shadowfax has added fresh employee stock options (ESOP) for its employees under the existing plan: ESOP 2016.

The board has approved the amendment of Shadowfax’s Employee Stock Option Plan 2016 with fresh 20,229 stock options for the company, subsidiaries, and associate entities, its regulatory filing accessed from the Registrar of Companies shows.

Every ESOP option will be converted into equity shares, said filings, and as per Fintrackr’s estimates, the newly added ESOP options are worth around Rs 61 crore (approximately $7.3 million).

The objective is to attract, encourage, and retain the talent in the management cadre and to enable such employees to participate in the long-term growth of the company.

As per the estimates, the total ESOP Plan is worth around Rs 264 crore with 86,033 employee stock options.

This comes months after Shadowfax’s $100 million Series E round led by TPG NewQuest. The round also comprised secondary financing.

Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices.  It claims to operate 2,000 daily trucks and more than 200 airline lanes to connect over 3,000 last mile hubs.

Shadowfax's network includes 125,000 monthly active delivery partners and 3.5 million registered users. It recently launched its services in Port Blair. With this launch, Shadowfax will expand its network to over 15,000 pincodes and aims to reach 100% pincodes by March 2025.

As per startup data intelligence platform TheKredible, Shadowfax registered Rs 1,415.40 crore in revenue from operations in FY23 as compared to Rs 990 crore in FY22. The firm controlled its losses to Rs 141 crore in FY23 from Rs 176 crore in the previous fiscal year. Its audited financial statements for FY24 are yet to be filed.