Eternal and Temasek-backed Shiprocket stocks updated DRHP for IPO of Rs 2,342 crore

E-commerce enablement platform Shiprocket has filed its updated draft prospectus with capital markets regulator Sebi. The proposed IPO will have a size of up to Rs 2,342 crore and will include a fresh issue of shares worth up to Rs 1,100 crore along with an offer for sale of shares by existing shareholders for an aggregate amount of Rs 1,242 crore. The company is backed by major investors Eternal, Temasek and Bertelsmann.Shiprocket operates an end-to-end, API-driven e-commerce platform focused on serving Indian MSMEs and digital retailers. The platform helps merchants sell directly to consumers through their own websites, mobile applications and social commerce channels by simplifying logistics, checkout, payments, fulfillment and cross-border trade.

The company follows an asset-light model, with its technology platform supported by a broad network of ecosystem partners.According to a Redseer report cited in the filing, Shiprocket was the largest new-age, end-to-end horizontal e-commerce platform recorded in India in FY25 in terms of revenue from operations. The company’s activities are organized into two segments: Core Business and Emerging Business.

Its core business includes the domestic shipping platform and shipping apps, which provide managed, end-to-end shipping solutions within India.

These offerings include multimodal shipping options, AI-driven allocation of logistics partners, order management tools and data insights aimed at improving the customer experience after ordering. The shipping apps also offer features like order tracking and shipping security.

The emerging business segment focuses on building new revenue streams and market opportunities. This includes freight and fulfillment services, a cross-border platform, advertising and marketing solutions, capital solutions, hyperlocal deliveries and other merchant-focused offerings. These services are designed to help merchants improve sales conversion, expand reach, and scale their businesses both online and offline.

The company plans to use the net proceeds from the IPO to invest in the growth of its platforms, including marketing initiatives and technology infrastructure for both its core businesses and emerging businesses.

A portion of the proceeds will also be used to repay or prepay certain loans, while the remainder will be allocated to inorganic growth through potential acquisitions and general corporate purposes.

Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital Company are the lead managers of the issue.

Shiprocket could also consider a pre-IPO placement of securities aggregating Rs 220 crore before filing the prospectus, subject to regulatory approval. If this is done, the amount raised through such a placement will be deducted from the size of the new issue.