Shiprocket May be Readying for IPO

Mumbai, 20 May 2025 — According to sources in the know, E-commerce logistics platform Shiprocket is planning to file confidential draft papers for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) in the coming days.

Backed by Zomato and global investment firm Temasek, Shiprocket is aiming to raise between ₹2,000 crore and ₹2,500 crore through its market debut. The IPO is expected to include a fresh issue of shares worth ₹1,000–₹1,200 crore, while the remaining portion will comprise an offer-for-sale by existing investors.

Sources have confirmed that the company’s board has already approved the IPO proposal, and the filing will be made under SEBI’s confidential route. This mechanism allows companies to delay the public disclosure of financial and operational information while regulatory scrutiny is ongoing—a path taken previously by several emerging technology firms, including Boat and PhysicsWallah.

Shiprocket has appointed Axis Capital, Kotak Mahindra Capital, JM Financial, and Bank of America as the lead advisors for the offering.

Founded in 2012, Shiprocket provides logistics and shipping solutions tailored to direct-to-consumer (D2C) brands and small sellers, who account for approximately 70–80% of its revenue. The company enables more than 4 lakh merchants to conduct business online, offering delivery services across 19,000 Indian pin codes and to over 160 countries through its cross-border logistics capabilities.

In recent years, the company has expanded its focus across three core areas—streamlining payment systems for D2C brands, enhancing international shipping capabilities, and enabling faster delivery services for small businesses. Prominent D2C brands such as Mamaearth, Giva, mCaffeine, and Bellavita use Shiprocket’s platform to strengthen their logistics operations and reach broader customer bases.

Financially, the company has shown notable growth. Operating revenue increased by 21% in FY24, reaching ₹1,316 crore, up from ₹1,089 crore the previous year. However, the company also reported a widened net loss of ₹595 crore in FY24, compared to ₹341 crore in FY23. The losses were largely attributed to the financial impact of integrating multiple acquisitions made during FY23, including retail software platform Omuni, intra-city logistics provider RocketBox, and logistics management firm Pickrr.

Despite these challenges, sources close to the company state that Shiprocket turned cash-flow positive in FY25—a notable milestone as it approaches public listing. One investor noted that the company experienced revenue growth in the range of 20–25% in FY25, outperforming broader e-commerce sector trends that saw growth in single digits. A significant portion of this growth, the investor added, is being driven by merchants based in India’s tier-II and tier-III cities.

In January, Shiprocket’s board approved a resolution to convert the company into a public entity, clearing the path for the forthcoming IPO.

Shiprocket’s anticipated listing comes at a time when several other new-age businesses are also preparing to enter the capital markets. Recent IPO filings include those by Urban Company, which submitted papers for a ₹1,900 crore issue, and Bluestone, which has already received SEBI approval. Others such as PhonePe, Flipkart, and Shadowfax are also reportedly preparing for public offerings.

With its market presence firmly established and an IPO on the horizon, Shiprocket appears poised to take the next big leap in its corporate journey, aiming to strengthen its position as a key enabler of India’s fast-evolving digital commerce ecosystem.

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