The board approved a special resolution to increase the total ESOP pool to 1.74 Lakh stock options from 1.4 Lakh earlier
Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket serves as an aggregator for third-party logistics companies
The development comes few days after the Japan-based MUFG Bank and US-based KDT Venture Holdings was approved by CCI to acquire minority stakes in logistics unicorn Shiprocket
Logistics unicorn shiprocket has expanded its employee stock option plan (ESOP) by adding 31,011 stock options under its ESOP Plan 2016.
The board approved a special resolution to increase the total ESOP pool to 1.74 Lakh (1,74,440) stock options from 1.4 Lakh (1,43,429) earlier, as per RoC filing.
In its filing, Shiprocket said, “…is hereby accorded to increase the number of stock options under ‘Employees Stock Option Plan 2016’ (ESOP Plan) by an additional 31,011 stock options, thereby increasing the total ESOP pool from 1,43,429 stock options to 1,74,440 stock options.”
Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket serves as an aggregator for third-party logistics companies. The startup collaborates with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax.
Notably, Shiprocket has been ramping up its investment in employees to retain top talent in the competitive logistics sector. For instance, in the financial year ending March 31, 2024, the company allocated ESOPs worth INR 192 Cr.
The development comes few days after the Japan-based MUFG Bank and US-based KDT Venture Holdings was approved by Competition Commission of India (CCI) to acquire minority stakes in logistics unicorn Shiprocket.
Last month, the company secured its place among the only two companies selected by the Centre to set up pilot ecommerce export hubs (EEHs) in the country.
Not to mention, the logistics unicorn has been on an acquisition shopping in recent times. It has acquired five companies – Wigzo, Pickrr, Glaucus Supply Chain Solutions, Rocketbox and Omuni – in the previous two years or so.
Earlier this year, CEO and MD Goel told Inc42 that the startup may acquire more companies in the coming months.
On the financial front, Shiprocket’s revenue jumped 20.8% to INR 1,316 Cr in the financial year ended March 2024 (FY24) from INR 1,089 Cr in the previous fiscal year.
However, its net loss zoomed about 75% to INR 595 Cr in FY24 from INR 341 Cr in FY23. The primary reason behind this surge in loss was one-time restructuring and integration-related accounting impact of INR 244 Cr related to acquired entities, the startup said.
