Shiprocket Eyes ₹7,000-Cr IPO Valuation, 30% Below Last Funding Round

Ecommerce enablement startup Shiprocket is expected to launch its ₹2,342.3-crore initial public offering (IPO) within the next one or two weeks at a valuation of around ₹7,000 crore, about 30% lower than the valuation it commanded during its last funding round in December 2024, according to an ET report.

The company is expected to file updated IPO papers containing its latest financials before opening the public issue.

The reported valuation marks a sharp reset from the nearly ₹10,000 crore valuation at which the startup raised about ₹214 crore in December 2024 from investors including Koch Group, MUFG Bank, Tribe Capital, Susquehanna International Group and Huddle Ventures.

IPO Structure

Shiprocket filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi) in December last year for a ₹2,342.3-crore IPO.

The public issue comprises a fresh issue of equity shares worth up to ₹1,100 crore and an offer for sale (OFS) of up to ₹1,242.3 crore.

Co-founders Gautam Kapoor, Saahil Goel and Vishesh Khurana, along with investors including LR India Fund I, Arvind Ltd, Tribe Capital III, MCP3 SPV LLC and Bertelsmann Nederland B.V., will sell shares through the OFS

Of the fresh issue proceeds, ₹505 crore will be invested in strengthening Shiprocket's core and emerging businesses, including ₹294 crore towards marketing initiatives and ₹211 crore for technology infrastructure.

The company also plans to utilise ₹210 crore for debt repayment, while the remaining proceeds will be used for potential acquisitions and general corporate purposes.

Business And Financial Performance

Founded in 2017 by Gautam Kapoor, Saahil Goel, Vishesh Khurana and Akshay Ghulati, Shiprocket provides logistics and ecommerce enablement solutions by integrating with courier partners including Delhivery, FedEx, Aramex, Xpressbees, DTDC and Shadowfax. The company has since expanded into cross-border shipping, payments, marketing tools, omnichannel commerce and merchant credit.

Financially, Shiprocket continued to improve its profitability. Its net loss narrowed 9.5% to ₹38.3 crore in the first half of FY26 from ₹42.3 crore a year earlier, while operating revenue rose 15.4% to ₹942.7 crore from ₹817 crore.

For FY25, the company reduced its net loss by 88% to ₹74.5 crore from ₹595.2 crore in FY24. During the same period, operating revenue increased 24% to ₹1,632 crore from ₹1,316 crore.