Zomato, Paypal-backed Shiprocket files confidential DRHP to launch Rs 2,400 crore IPO

Logistics unicorn Shiprocket, supported by significant investors such as Zomato, Temasek, Info Edge Ventures, PayPal, Bertelsmann India Investments, Lightrock, and March Capital, has embarked on the path to raise between Rs 2,000 and Rs 2,400 crore through an initial public offering (IPO). The company has pre-filed its draft red herring prospectus (DRHP) under the confidential route with SEBI, India's capital market regulator.

Founded in January 2012 by Saahil Goel and Gautam Kapoor, Shiprocket offers comprehensive shipping, fulfilment, and marketing solutions tailored for SMEs, D2C retailers, and social commerce players across India. The platform facilitates shipping operations across more than 24,000 pin codes in India and extends its services to 220 countries globally.

Shiprocket's recent financial performance indicates a substantial increase in operating revenue to Rs 1,316 crore for the fiscal year 2023-24, marking a 21% year-on-year growth. However, the net loss expanded to Rs 595 crore from Rs 341 crore in the previous fiscal year. Despite this loss, the platform supports over 250,000 sellers, generating a Gross Merchandise Value (GMV) exceeding $2.5 billion annually, and delivers to more than 70 million consumers each year.

In a strategic move, Shiprocket acquired logistics tech startup Pickrr Technologies in June 2022 for approximately $200 million, enhancing its technological capabilities. The company also last raised Rs 90.7 crore, equivalent to $11 million, in an extended Series E funding round from McKinsey in October 2023, amidst ongoing but undisclosed discussions for additional funding.

The IPO is expected to be primarily an offer for sale (OFS), though it may include a fresh issue component if necessary. Axis Capital, Kotak Mahindra Capital, JM Financial, and BofA Securities have been appointed as the investment banks facilitating the offering. Shiprocket's transition to a public company was approved by its board in January 2025, as per regulatory filings.

The firm claims to provide an 'operating system for direct commerce' that enables seamless integration of shopping sites with its multi-carrier API, managing orders, shipping labels, and tracking, alongside COD orders and payment reconciliation. Shiprocket hosts over 35 state-of-the-art fulfilment warehouses across India to support its extensive operations.

Shiprocket's growth trajectory is evident through its 2.5-3 times year-on-year increase in transactions, backed by its robust technology stack and extensive courier partnerships. The IPO marks a significant milestone in the company's development, as it seeks to capitalise on its expansive market presence and innovative solutions.

The exact dates for the IPO open and close, basis of allotment, and share credit are yet to be announced. Investors and market participants are keenly observing the unfolding of Shiprocket’s public offering journey, which promises to be a noteworthy event in the logistics and e-commerce sectors.