Mumbai-based Shadowfax boosts its existing ESOP plan by infusing 
62 crore
Shadowfax, Logistics startup prior this year has extended its ESOP pool by adding more choices. The TPG NewQuest-supported operations startup recently passed a goal where it had corrected its ESOP 2016 plan by adding 20,299 additional value shares.
According to the startup’s filing with the Registrar of Companies, these options will be converted into equity shares in a 1:1 ratio. The additional equity shares will be worth approximately 
61.9 crore based on the share price at which Shadowfax raised its Series E funding.
61.9 crore based on the share price at which Shadowfax raised its Series E funding.
Following the addition, the ESOP 2016 plan’s total pool of 86,033 options will be worth 263.5 crore. The development of its ESOP pool agrees with Shadowfax’s $100 million Series E financing round in February 2024. The round included participation from TPG NewQuest, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.
263.5 crore. The development of its ESOP pool agrees with Shadowfax’s $100 million Series E financing round in February 2024. The round included participation from TPG NewQuest, Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm, and Trifecta Capital.
Since 2015, this was the start-up’s first fundraising effort. Established in 2015 by Vaibhav Khandelwal and Abhishek Bansal, it gives hyperlocal and on-request conveyances to organizations. Shadowfax professes to be functional in 15,000 postal codes the nation over and process around 15 lakh orders each day. As per Inc42’s Indian Startup Founder Overview 2023, around 55 percent of the surveyed originators said they were counts on ESOPs to draw and hold work force in 2024.
Regarding this extension, the company said in an official document, “The object of the Plan 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 and seek convergence of interest of shareholders and eligible employees such that eligible employees consciously work towards value creation for the shareholders.”
Recently, Bengaluru-based Meesho also declared the launch of 200 Crore around $25 million workers stock proprietorship plan (ESOP) buyback program that would help around 1,700 past and current representatives.
200 Crore around $25 million workers stock proprietorship plan (ESOP) buyback program that would help around 1,700 past and current representatives.Read More News :
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