Exclusive: Shiprocket adds $19 Mn new ESOP options

Logistics and supply chain enabler Shiprocket added a new employee stock option worth Rs 134 crore (approximately $16 million) under its ESOP Plan 2016. This will be the maiden ESOP expansion for the Delhi-based unicorn in the ongoing calendar year.

The board at Shiprocket has approved a special resolution to add 31,011 ESOPs to its existing plan, bringing the total ESOP pool to 1,74,440 options, its regulatory filing sourced from the RoC shows.

According to the Entrackr estimates, the newly added ESOP is worth Rs 135 crore or $16 million while Shiprocket’s total ESOP plan stood at Rs 757 crore (approximately $90 million).

Shiprocket has also received shareholders' consent to change the ESOP trust's name from “Bigfoot Employee ESOP Trust” to “Shiprocket Employee ESOP Trust, " a separate resolution filed by the firm shows.

Shiporcket has raised over $300 million to date and was valued at $1.23 billion in its last round of $11 million from McKinsey. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V is the largest external stakeholder with 25.1%, followed by Tribe Capital which commands 15.80%. Zomato, Temasek, Lightrock, and Paypal are other notable investors in Shiprocket.

During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period.

It competes with Unicommerce which recently acquired Shipway, along with other players such as Shipyari among others.

According to a report by Moneycontrol, Shiprocket is gearing up to launch its initial public offering (IPO) in 2025, with plans to raise an estimated Rs 2,000–Rs 2,500 crore.