Kukla Times: Delhivery, a leading logistics and supply chain firm, announced the expansion of its employee stock option pool (ESOP) during the release of its quarterly and annual financial results for the fiscal year 2023. The company’s board passed a resolution to grant 20,34,839 stock options under the Delhivery Employees Stock Option Plan 2012, with a total value of approximately Rs 74 crore. Each option will be converted into equity shares, as indicated by regulatory filings submitted to the National Stock Exchange.
Of the newly added ESOP options, 19,37,739 will be granted to employees of the company, while the remaining options are allocated to employees working in Delhivery’s subsidiaries. The company currently has nine subsidiaries, including Delhivery USA LLC, Delhivery Corp Limited, and Orion Supply Chain Private Limited, among others.
Delhivery made its initial public offering in May of the previous year, starting at Rs 495.2 per share. Since then, the company has successfully acquired two startups, namely Algorhythm Tech in December 2022 and Vinculum earlier this month.
As a full-stack logistics service provider, Delhivery offers comprehensive solutions in express parcel transportation, PTL freight, TL freight, cross-border operations, supply chain management, and technology solutions. The company takes pride in having fulfilled over 2 billion shipments across more than 18,500 pin codes since its inception. Delhivery currently collaborates with over 27,000 customers, including a diverse range of e-commerce participants, SMEs, enterprises, and brands.
In terms of financial performance, Delhivery achieved a modest growth rate of 5% during FY23, crossing the milestone of Rs 7,200 crore in revenue. Despite this growth, the company’s losses remained stable at Rs 1,007 crore in the fiscal year, similar to the figures reported in FY22.
For the fourth quarter of FY23, Delhivery reported revenue of Rs 1,860 crore, displaying a reduction in losses by 18.9% to Rs 158.6 crore for the same period.
Delhivery’s latest expansion of its ESOP demonstrates the company’s commitment to rewarding and incentivizing its employees, further strengthening its position in the logistics and supply chain industry. With its continued growth and strategic acquisitions, Delhivery remains poised for further success in the coming years.
READ MORE: Startup News