(Image Source: Outlook Business)
Shiprocket has taken another step toward its public listing. The e-commerce logistics platform filed updated draft documents with Sebi on Friday for a Rs 2,342 crore IPO. The updated filing comes after the company received regulatory approval from Sebi in October to go ahead with the public offering.
This is a mixed IPO structure. Shiprocket will raise Rs 1,100 crore in fresh capital from the market. The remaining Rs 1,242.3 crore comes from existing investors and founders selling portions of their stakes. That means some early investors are taking their profits while the company raises new capital to grow.
Who’s Selling and Who’s Buying
On the selling side, several investors are diluting their positions. Lightrock, Tribe Capital, Bertelsmann, Arvind Ltd, and founders Gautam Kapoor, Saahil Goel and Vishesh Khurana are all offering shares in the OFS. Zomato and Temasek, the company’s major backers, aren’t mentioned in the selling list, suggesting they’re staying committed to the platform.
Four banks are managing the IPO. Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital Company are the book-running lead managers. KFin Technologies is handling the registrar work.
How Shiprocket Plans to Use the Money
The company has detailed plans for the Rs 1,100 crore fresh issue. Rs 505 crore goes toward scaling the platform. Within that, Rs 294 crore is earmarked for marketing and customer acquisition, and Rs 211 crore for technology infrastructure.
Another Rs 210 crore will repay debt. As of September 2025, Shiprocket owed Rs 233.8 crore in borrowings. Clearing that liability frees up cash flow for operations.
The remaining funds go toward acquisitions and general corporate purposes. Shiprocket might also do a pre-IPO placement of up to Rs 220 crore, which would reduce the fresh issue size.
The Financial Picture
Shiprocket’s numbers are improving. In the six months to September 2025, operating revenue rose 15% year-on-year to Rs 942.7 crore. More importantly, the company narrowed losses to Rs 38.3 crore from Rs 42.3 crore a year earlier. That’s progress toward profitability.
For the full fiscal year 2025, Shiprocket posted Rs 1,632 crore in revenue, up 24% from the previous year. The net loss dropped dramatically to Rs 74.4 crore from Rs 595.1 crore in FY24. That improvement matters because it shows the company is learning to manage costs while growing.
The Business Itself
Shiprocket serves over 250,000 e-commerce sellers across India. The company went from being just a shipping aggregator to a full-stack e-commerce enablement platform. Today it offers warehousing, cross-border logistics, payment processing, and marketing tools.
The core business handles domestic shipping with AI-driven logistics allocation. The emerging business covers quick commerce delivery, international shipping, and payments. That diversification reduces dependence on any single revenue stream.
Market Timing
Shiprocket filed its draft papers confidentially in May 2025. Sebi took five months to review and finally approved the IPO in October. That’s the standard timeline. Now with updated documents filed, the next step is for Sebi to issue an observation letter on the updated filing. After that, the company can announce the IPO timeline and price band.
Most expect the IPO to happen in early 2026, probably the first or second quarter. Market conditions will determine whether the company launches in January or waits until March.
Why This Matters for India’s Logistics
Shiprocket’s IPO is significant because it validates the logistics technology space. Five years ago, most investors dismissed Indian logistics startups as too commoditized. But Shiprocket proved that technology-enabled logistics for D2C brands and small businesses could be a real business.
If Shiprocket’s IPO succeeds and the stock does well, expect more logistics companies to line up for public listings. India’s e-commerce boom needs solid logistics infrastructure. Companies that solve that problem have genuine business potential.
For founders Saahil Goel and Gautam Kapoor, this is the payoff for building something useful rather than chasing hype. They bootstrapped the company and built a real business serving actual customers. Now they get validation from public markets.
