Shiprocket Takes a Step Closer to Dalal Street, Files Updated DRHP for ₹2,342 Crore IPO

E-commerce enablement platform Shiprocket has moved a step closer to a public listing after filing an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its proposed ₹2,342.35 crore initial public offering (IPO).

The IPO will comprise a fresh issue of shares worth ₹1,100 crore and an offer for sale (OFS) of ₹1,242.35 crore by existing shareholders, including early investors and company founders.

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Journey to the Public Markets

Shiprocket had initially approached SEBI in May 2025 via the confidential filing route and received regulatory observations in late October. The updated DRHP filing marks a crucial step toward its eventual stock market debut.

Founded in 2012 by Saahil Goel, Gautam Kapoor, Vishesh Khurana, and Akshay Ghulati, the Gurugram-based company has evolved into a horizontal e-commerce enablement platform, catering primarily to direct-to-consumer (D2C) brands and merchant-led online businesses.

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What Shiprocket Does

Shiprocket provides end-to-end logistics and fulfilment solutions for online sellers. Its platform enables merchants to manage:

• Courier aggregation across multiple logistics partners
• Automated shipping and order workflows
• Real-time shipment tracking
• Integrations for websites, mobile apps, and social commerce channels

By acting as a logistics backbone, Shiprocket helps merchants scale online operations without building complex in-house infrastructure.

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Offer for Sale: Who Is Exiting

The OFS component will see partial exits by several prominent investors and founders.

• Lightrock will lead the OFS, selling shares worth ₹258.49 crore
• Arvind Ltd and Tribe Capital will offload shares worth ₹161 crore and ₹120 crore, respectively
• March Capital and Bertelsmann will sell shares valued at ₹95 crore and ₹85.43 crore

Other shareholders participating in the OFS include 500 Startups, Agility Global, AFOS Group, Moore Strategic Ventures, and boAt co-founder Sameer Mehta.

Among the founders:

• Gautam Kapoor and Saahil Goel will each sell shares worth ₹144 crore
• Vishesh Khurana will sell shares worth ₹36.93 crore

Notably, Eternal (formerly Zomato) will not participate in the OFS.

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Current Shareholding Structure

As per the filing:

• Bertelsmann Nederland is the largest shareholder with 21.32%
• Tribe Capital holds 14.14%
• Eternal owns 6.85%
• Temasek, via MacRitchie Investments, holds 5.29%
• The employee stock option pool (ESOP) accounts for 8.48%

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Use of IPO Proceeds

Shiprocket plans to deploy proceeds from the fresh issue strategically:

• ₹505 crore toward scaling platforms
  • ₹294 crore for marketing and customer acquisition
  • ₹211 crore for strengthening technology infrastructure
• ₹210 crore for repayment of borrowings

As of September 2025, Shiprocket’s total debt stood at ₹233.8 crore.

Remaining funds will be used for:

• Inorganic growth through acquisitions
• General corporate purposes

The company may also consider a pre-IPO placement of up to ₹220 crore as part of the fresh issue.

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Financial Performance Snapshot

Shiprocket’s financials show improving operating leverage and cost control:

• H1 FY26 (six months ended Sept 2025)

  • Operating revenue: ₹942.7 crore (+15% YoY)
  • Net loss: ₹38.3 crore

• FY25

  • Revenue: ₹1,632 crore (+24% YoY)
  • Net loss: ₹74.4 crore, sharply lower than ₹595.1 crore in FY24

The narrowing losses highlight progress toward sustainable profitability.

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IPO Management

The IPO is being managed by:

• Axis Capital
• BofA Securities India
• JM Financial
• Kotak Mahindra Capital Company

KFin Technologies has been appointed as the registrar to the issue.

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Looking Ahead

Shiprocket’s IPO comes amid strong momentum in India’s new-age technology listings. If successful, the offering would mark a major milestone for the company and provide growth capital to further strengthen its position as a critical infrastructure provider for India’s expanding e-commerce ecosystem.

As D2C brands, social commerce, and online-first businesses continue to scale, Shiprocket’s performance as a listed company will be closely watched as a bellwether for the broader e-commerce enablement sector.