Logistics firm Shiprocket files new papers for IPO of Rs 2,342 cr

Gurugram-based Shiprocket, which offers shipping and supply chain services to direct-to-consumer (D2C) brands selling online, has filed an updated draft red herring prospectus (UDRHP) for an initial public offering (IPO) of Rs 2,342 crore.Shiprocket is looking to raise Rs 1,100 crore in fresh capital as investors including Tribe Capital, Arvind Ltd, March Capital and Bertelsmann sell shares through the offer-for-sale (OFS) component. Founders Saahil Goel, Gautam Kapoor and Vishesh Khurana are also partially divesting their stakes in the IPO.

Lightrock is selling the largest share of OFS at Rs 258 crore, followed by textile maker Arvind at Rs 161 crore. Founders Goel and Kapoor will earn Rs 144 crore each from their stake sale, while Khurana, who switched from Shiprocket to investor Tribe Capital in 2024, will sell a stake worth Rs 37 crore.Shiprocket is targeting a stock market listing in the first quarter of FY27, experts said.

For the six months ended September, Shiprocket reported an operating revenue of Rs 943 crore, up 15% year-on-year (year-on-year). Net loss in the period narrowed to Rs 38 crore, compared to Rs 42 crore in April-September 2024.

The company offers a range of services to D2C brands and small and medium-sized businesses that allow them to sell online through e-commerce marketplaces and their own websites, and even export their goods.

Shiprocket was founded in 2012 as a shipping organization that aggregates logistics providers on its platform for brands and sellers. About 75% of the company’s revenue comes from its core activities. The company claims a net revenue retention of 103.51% for fiscal year 2025 in its core businesses, meaning a merchant using its platform will spend more money using Shiprocket’s services than in the previous year.

Shiprocket’s customer acquisition costs have also fallen over the years, with its core business becoming operationally profitable. From April to September 2025, it spent Rs 282 to onboard one new trader on its platform, compared to Rs 346 in the same period last year.

In recent years, Shiprocket has also launched new capabilities for its business and focused on increasing the use of these services, including advertising and marketing solutions, international shipping, warehousing and fulfillment, and financial services.

These emerging companies contribute about a quarter of Shiprocket’s revenue.

Of the Rs 1,100 crore it hopes to raise from the IPO, Shiprocket plans to deploy Rs 294 crore on marketing initiatives for its core and emerging businesses, while Rs 211 crore will be used for investments in technology infrastructure capabilities. In 2022, the company made three acquisitions: fulfillment technology platform Glaucus, logistics aggregator startup Pickrr and omnichannel commerce management platform Omuni.