Shiprocket Gears Up for Rs 2,500 Cr IPO, May Opt for Confidential Filing Soon

E-commerce enablement platform Shiprocket is expected to file draft prospectus with the Securities and Exchange Board of India (Sebi) this week for its Rs 2,000-2,500 crore IPO, according to a report published by The Economic Times.

The new-age company may take confidential filing route, under which the market regulator allows companies to delay public disclosures about its financials and other IPO-related details.

The logistics start-up has roped in Axis Capital, Kotak Mahindra, JM Financial, and Bank of America as advisors for its upcoming IPO, the report said. An investor told ET that the company managed to grow at the rate of 20-25% in FY25, despite broader e-commerce growth remaining in single digits during the same fiscal year.

Shiprocket's Financials

In FY24, Shiprocket’s net loss increased to Rs 595 crore, from Rs 341 crore the year before. The report attributed previous losses to the financial impact of merging several of its FY23 acquisitions, including Omuni, RocketBox, and Pickrr.

Apart from losses, the investor also shed light on Shiprocket’s increased operating revenue of FY24, which climbed 21% to Rs 1,316 crore last year. For the 2022-23 fiscal year, Shiprocket reported an operating revenue of Rs 1,089 crore, marking an increase of nearly 78% from the previous year. 

Shiprocket, founded in 2012, manages shipments for D2C brands and small sellers. The shipping division accounts for nearly 80% of the company’s total revenue. The company aims to achieve $1 billion in revenue by the year 2028. 

Currently, the fourth largest e-commerce platform in India, the company earlier claimed a GMV of Rs 25,000 crores and approximately 100,000 merchants.

Now, Shiprocket is also focusing on quick commerce segment for growth. Under this, it is aggregating hyperlocal logistics service providers such as Porter, Borzo, Shadowfax, and others for use by merchants, and small and medium enterprises.