Summary:

  • Logistics company Shadowfax has introduced new employee stock options (ESOP) for its employees

  • This move comes a few months after Shadowfax secured $100 million in a Series E funding round

  • The newly added ESOP options are valued at approximately Rs 61 crore (about $7.3 million)

Logistics company Shadowfax has introduced new employee stock options (ESOP) for its employees under the existing ESOP 2016 plan.

The board has approved the amendment to Shadowfax’s Employee Stock Option Plan 2016, adding 20,229 new stock options for the company, its subsidiaries, and associated entities, according to regulatory filings accessed from the Registrar of Companies.

Each ESOP option will be converted into equity shares, as stated in the filings. According to Fintrackr’s estimates, the newly added ESOP options are valued at approximately Rs 61 crore (about $7.3 million).

The purpose of this initiative is to attract, encourage, and retain talent within the management cadre, allowing employees to participate in the company’s long-term growth.

Overall, the total ESOP Plan is estimated to be worth around Rs 264 crore, encompassing 86,033 employee stock options.

This move comes a few months after Shadowfax secured $100 million in a Series E funding round led by TPG NewQuest, which also included secondary financing.

Shadowfax provides services to a broad network of customers, boasting industry-leading turnaround times (TAT) at competitive prices. The company operates 2,000 daily trucks and more than 200 airline lanes, connecting over 3,000 last-mile hubs.

Shadowfax’s extensive network includes 125,000 monthly active delivery partners and 3.5 million registered users. The company recently expanded its services to Port Blair, aiming to extend its reach to over 15,000 pin codes and ultimately target 100% pin code coverage by March 2025.