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Shadowfax adds fresh ESOPs worth $7.3 Mn

EntrackrEntrackr · 1y ago
Shadowfax adds fresh ESOPs worth $7.3 Mn
Medial

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.

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Swiggy adds fresh ESOPs worth $52 Mn

EntrackrEntrackr · 2m ago
Swiggy adds fresh ESOPs worth $52 Mn
Medial

Swiggy adds fresh ESOPs worth $52 Mn Food delivery and quick-commerce platform Swiggy Limited on Monday announced fresh employee stock options under its Employee Stock Option Plan 2024 for eligible employees. The Nomination and Remuneration Committee passed a circular resolution to grant 12,896,462 ESOPs (Employee Stock Options) to its employees, according to a disclosure filed by Swiggy with the National Stock Exchange (NSE). As per the filings, each stock option will be converted into an equity share. Based on Swiggy's current market valuation, the newly granted ESOPs are valued at Rs 443.4 crore, or approximately $52 million. The development comes three months after it allotted 2.61 crore shares under various ESOP schemes. The company’s paid-up equity share capital also increased to Rs 2.26 crore from Rs 2.23 crore. Recently, Swiggy invested Rs 1,000 crore in its subsidiary Scootsy Logistics for expansion. Scootsy Logistics contributed 42% of Swiggy’s overall revenue in the previous quarter. Swiggy has yet to file its financial results for the last quarter of the last fiscal year (Q4 FY25). During the Q3 FY25, the company recorded a 31% year-on-year growth to Rs 3,993 crore, compared to Rs 3049 crore in Q3 FY24. In the pursuit of growth, the losses for Swiggy grew 39.2% to Rs 799 crore in the same period. After today's trading session, Swiggy's stock closed at Rs 343.85 per share, bringing its total market capitalization to Rs 78,620 crore (around $9 billion). Amid recent market volatility, the company also hit an all-time low of Rs 306.95 on April 7.

Exclusive: ShareChat adds new ESOP options worth $108 Mn

EntrackrEntrackr · 4m ago
Exclusive: ShareChat adds new ESOP options worth $108 Mn
Medial

Exclusive: ShareChat adds new ESOP options worth $108 Mn The board at ShareChat has approved a special resolution to add 5,83,800 employee stock options to its existing plan, bringing the total ESOP pool to 14,30,100 options. Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has added fresh employee stock option (ESOP) options for its employees as part of its existing ESOP plans. The board at ShareChat has approved a special resolution to add 5,83,800 employee stock options to its existing plan, bringing the total ESOP pool to 14,30,100 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. Every 100 stock options will be converted into one equity share at a later date decided in the agreement. The expansion of the ESOP pool aims to foster employee ownership while attracting, retaining, and motivating talent, the filing further added. As per Fintrackr’s estimates, the newly added ESOPs are worth Rs 2,283 crore or $271 million while the value of the total ESOP pool stood at Rs 5592 crore or $665 million. Notably, these valuations are based on the company's $2 billion valuation. According to startup data intelligence platform TheKredible, ShareChat has raised around $1.2 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. Despite mopping up more than $1 billion, the company wasn’t able to show substantial revenue as of FY23. Struggle in monetization led to a steep fall in valuation which stood at less than $2 billion in the recent bridge round. The firm was valued at $5 billion during its last fundraise in June 2022. However, the firm has recorded a 30% year-on-year growth to Rs 718 crore during the fiscal year FY24. With the reduction in expenses, the adjusted EBITDA loss for the Tencent-backed firm stood at Rs 793 crore in the same period.

Shadowfax raises $100 Mn in Series E round led by TPG NewQuest

EntrackrEntrackr · 1y ago
Shadowfax raises $100 Mn in Series E round led by TPG NewQuest
Medial

Logistics company Shadowfax on Tuesday announced the closing of its Series E funding round at $100 million. TPG NewQuest led the funding round, while existing investors including Mirae Asset Venture Investments, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital also participated. This round comprised primary, secondary, and venture debt financing. Eight Roads Ventures, the company’s first institutional investor, also made a partial exit. The latest capital pushed Shadowfax closer to unicorn status as the firm was valued at around $600 million during the first tranche of the Series E round. Entrackr exclusively reported the development in July 2022. Shadowfax will utilize the funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pin codes across India over the next 18 months, the company said in a statement. A portion of the funding will also be used to develop services for D2C brands and further enhance Shadowfax’s express delivery network, it added. Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It boasts a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users. In December, Shadowfax launched an on-demand delivery service app Flash which enabled merchants and customers to avail instant delivery service within the city. As per startup data intelligence platform TheKredible, Shadowfax recorded Rs 1,415.40 crore in revenue from operations in FY23 against 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. Shadowfax claims that it registered three consecutive quarters of profitability in the current financial year from April to December 2023 and it is on track to achieve its first full financial year of positive EBITDA in FY24 (after accounting for ESOP costs).

Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation

EntrackrEntrackr · 5m ago
Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation
Medial

Exclusive: Shadowfax kicks off Series F round at $712 Mn valuation Logistics firm Shadowfax has secured Rs 34.2 crore (around $4 million) in its Series F round. The development has come nearly 11 months after raising $100 million in its last funding round. The board at Shadowfax has passed a special resolution to allot 5773 Series F compulsory cumulative preference shares at an issue price of Rs 59,320 each to raise Rs 34.2 crore or $4 million, its regulatory filing accessed from the Registrar of Companies shows. Mirae Asset invested Rs 17.4 crore, while Nokia Growth Partners contributed Rs 16.79 crore in the round. Shadowfax is reportedly aiming to raise $50 million, with this investment being part of a larger raise. According to Entrackr’s estimates, the Flipkart-backed company has been valued at around Rs 5,981 crore or $712 million post-allotment. The valuation might change with the flow of more funds. Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It boasts a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users. The Bengaluru-based company has raised over $200 million to date. According to the startup data intelligence platform TheKredible, Eight Road Ventures is the largest external stakeholder followed by Flipkart, Newquest Asia and Nokia Growth Partners. Shadowfax reportedly plans to raise Rs 2500-3000 Cr IPO in the second half of the ongoing calendar year and the company also tapped JM Financial, Morgan Stanley and ICICI Securities as the lead bankers for the initial public offering. Shadowfax has reported a 33.2% year-on-year growth to Rs 1,415 crore during the previous fiscal year ended March 2024. Moreover, the company has managed to reduce its losses significantly by 91.7% to Rs 11.8 crore from Rs 142.6 crore in FY23. In terms of competition, Delhivery, a publicly listed company, reported Rs 8,594 crore in revenue for FY24. Ecom Express posted Rs 2,609 crore in revenue for FY24 and has secured board approval for a Rs 2,600 crore IPO. Other key competitors for Shadowfax include XpressBees, Shiprocket, and Blue Dart.

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