Logistics startup Shiprocket, which counts Temasek and Eternal among its backers, has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 2,342.3 crore through an initial public offering (IPO).
The e-commerce enablement platform is looking to raise Rs 1,100 crore in fresh capital, while some of its existing shareholders will also offload shares worth Rs 1,242.3 crore via an offer-for-sale (OFS), as per the IPO prospectus filed on December 12. The company is expected to go public in the first half of FY27.
Among the investors participating in the OFS are Lightrock, Tribe Capital, Arvind Ltd, and Bertelsmann, among others. Founders Saahil Goel, Gautam Kapoor, and Vishesh Khurana will also be divesting some of their stakes in the IPO.
How the IPO Proceeds Will be Used
Of the Rs 1,100 crore it is raising via IPO, Shiprocket plans to deploy Rs 294 crore towards marketing initiatives and Rs 211 crore towards strengthening its tech stack to accelerate growth of its emerging and core businesses.
Through its core business, the company offers domestic shipping services to Micro, Small, and Medium Enterprises (MSMEs) and retailers. The emerging business, which accounts for about a fourth of the company’s total operating revenue, includes cargo and fulfillment, international shipping, and ad and marketing solutions.
Of the total proceeds, the company has also earmarked Rs 211 crore for repayment or prepayment of certain loans availed by the company. A portion of the fresh capital will also be used to fund inorganic growth through unidentified acquisitions and general corporate purposes, including payment of rental and lease expenses related to its fulfillment centers, payment of commission to consultants, payment for services availed from vendors, and employee-related expenses, among others.
Shiprocket is also considering raising up to Rs 220 crore through a pre-IPO placement. If undertaken, the amount raised in the pre-IPO placement will be reduced from the fresh issue.
Financial Report Card
While Shiprocket started as a shipping service in 2011, it later transitioned into an e-commerce enablement platform for small businesses, retail brands, and direct-to-consumer (D2C) brands. The logistics firm acquired a majority stake in 2022, in an e-commerce SaaS company and rival Pickrr for $200 million in a cash-and-stock deal.
In the horizontal e-commerce enablement space, Shiprocket competes with listed peer Unicommerce. In the broader logistics sector, it locks horns with Delhivery, Ecom Express, and Xpressbees, among others.
The company also acts as a lending service provider through its arm Shiprocket Capital. This subsidiary helps e-commerce platforms registered on the Shiprocket platform secure credit to go online, scale their businesses, and ship their products pan-India and globally.
For the six months ended September 2025 (H1 FY26),…
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