Shiprocket
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- Face value
- ₹10 per share
- Lot size
- 154 shares
- Listing at
- NSE
- Market cap at offer price
- ₹2,689 Cr
- ISIN
- INE0FOO01011
- CIN
- U72900DL2011PLC225614
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Plot No. B, Khasra No. 360 Sultanpur, New Delhi – 110 030, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 5,09,69,864 | 54.04% | 53.97% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 2,60,07,411 | 27.57% | 27.54% |
| bNII > ₹10L · within NII | 1,73,38,274 | — | 18.36% |
| sNII < ₹10L · within NII | 86,69,137 | — | 9.18% |
| Retail (RII) | 1,73,38,274 | 18.38% | 18.36% |
| Employee | 1,20,481 | — | 0.13% |
| Market maker | 0 | — | 0.00% |
| Total issue | 9,44,36,030 | — | 100.00% |
Net offer to the public of 9,43,15,549 shares, out of a total issue of 9,44,36,030. Indented rows sit inside the category above them and are not added to it.
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
Offer price not yet announced
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | -4.01 | -2.77 |
| Price to book (×) | 4.14 | — |
| Market cap | — | ₹2,689 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- -5.20%
- ROCE
- -3.00%
- NAV per share
- ₹23.96
- Price to book
- 4.14
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY25 | FY24 | FY23 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 1,674.82 | 1,357.83 | 1,126.9 |
| Revenue from operations | 1,632.01 | 1,315.98 | 1,088.83 |
| Other income | 42.81 | 41.86 | 38.07 |
| Total expenses | 1,749.27 | 1,708.63 | 1,422.76 |
| Operating profit | -74.45 | -350.8 | -295.86 |
| Operating margin | -4.45% | -25.84% | -26.25% |
| Profit before tax | -74.45 | -595.18 | -359.02 |
| Profit after tax | -74.45 | -595.18 | -359.31 |
| PAT margin | -4.45% | -43.83% | -31.88% |
| Balance sheet | |||
| Total assets | 2,308.62 | 2,051.22 | 2,386.78 |
| Current assets | 1,254.62 | 702.16 | 1,002.8 |
| Current liabilities | 735.65 | 675.16 | 593.07 |
| Total liabilities | 817.37 | 765.04 | 680.12 |
| Net worth | 1,491.25 | 1,286.18 | 1,706.66 |
| Current ratio | 1.71× | 1.04× | 1.69× |
| Return on equity | -4.99% | -46.28% | -21.05% |
| Cash flow | |||
| Operating cash flow | 1.9 | -215.99 | -137.96 |
| Investing cash flow | -143.97 | 175.68 | -92.21 |
| Financing cash flow | 152.83 | -2.45 | 109.64 |
| Net cash flow | 10.75 | -42.77 | -120.53 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Investment in the growth of Shiprocket's platforms primarily for Emerging Business and Core Business ₹505 Cr
The company proposes to invest in marketing initiatives and technology infrastructure and capabilities to accelerate growth of both Core Business and Emerging Business segments. This includes performance marketing, digital marketing, brand campaigns, recruitment of marketing personnel, server infrastructure, cloud services, and hiring technology professionals.
2 Repayment/prepayment of certain borrowings including accrued interest ₹210 Cr
The company intends to repay or prepay certain borrowings in full or in part, including overdraft facilities from banks. This will help reduce outstanding indebtedness, debt servicing costs, and improve ability to raise future resources for business development opportunities.
3 Funding inorganic growth through unidentified acquisitions and general corporate purposes —
The company proposes to utilize funds for potential acquisitions that complement existing offerings, unlock new addressable markets, or have strong unit economics. General corporate purposes include rental expenses, consultant fees, vendor services, employee expenses, insurance, and other ordinary business activities.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Shiprocket
Incorporated as Bigfoot Retail Solutions Private Limited in September 2011 and renamed to Shiprocket Limited in 2024-2025, the company operates a comprehensive e-commerce enablement platform serving MSMEs and Large Retailers. Shiprocket generates revenue through two business segments: Core Business (domestic shipping and shipping apps at 73.38% of FY2026 revenue) and Emerging Business (cross-border solutions, omnichannel, checkout, marketing solutions, and hyperlocal delivery at 26.62% of FY2026 revenue). The company earns revenue primarily through consumption-based pricing models linked to merchant usage, with Revenue from Operations of ₹20,241.41 million in FY2026, growing from ₹16,320.12 million in FY2025. The company has made strategic acquisitions including Glaucus (fulfillment technology), Pickrr (logistics aggregator), and Shiprocket Omuni (omnichannel platform) to strengthen its offerings.
Management
Saahil Goel
CEO
Gautam Kapoor
COO
Kumar Tanmay
CFO
Deepa Kapoor
Director
Strengths
As stated in the offer document
Largest New-Age E-commerce Enablement Platform
The company is the largest new-age end-to-end horizontal e-commerce enablement platform registered in India in terms of revenue from operations in Fiscal 2025, with the largest Merchant base amongst similar platforms.
Profitable and Scalable Core Business
The Core Business has been profitable since Fiscal 2022, with Revenue from Operations - Core Business increasing by a CAGR of 16.17% from Fiscal 2023 to Fiscal 2025, demonstrating operating leverage.
Asset-Light Business Model
The company operates with lower capital investment and higher flexibility without owning delivery fleets or fulfilment centres, with Gross Additions to Property, Plant and Equipment as only 0.78% of Revenue from Operations in six months ended September 30, 2025.
Self-Serve Platform with High Automation
96.92% of merchant onboarding was completed without any intervention from support team for the Core Business in six months ended September 30, 2025, with 62.57% First Call Resolution Rate.
Diversified Merchant Base
The company served 145,269 Active Merchants in six months ended September 30, 2025, with top 1, 5, and 20 Merchants contributing only 3.12%, 7.76%, and 17.22% of Revenue from Operations respectively, minimizing concentration risk.
Advanced AI and Data Intelligence
The platform leverages data from more than 140 million end consumers and 620 million unique transactions, with AI-powered RTO prediction achieving 82.59% accuracy and checkout platform pre-filling 92.38% of shipping addresses.
Comprehensive Ecosystem Network
The company operates with more than 250 ecosystem partners from April 2021 to September 2025, providing Merchants access to logistics providers, payment gateways, and other services through a single platform.
Strong Network Effects and Cross-selling
52.27% of Power Merchants used more than three products across Core and Emerging Businesses in six months ended September 30, 2025, with 64.56% repeat rate for end consumers on the platform.
Risk factors
As stated in the offer document
Significant Operating Losses and Continued Loss-Making Operations
The company had restated losses of ₹383.23 million, ₹423.07 million, ₹744.49 million, ₹5,951.81 million and ₹3,593.08 million for the six months periods ended September 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023, respectively. If the company is unable to generate adequate revenue growth and manage expenses, it may continue to incur significant losses.
Failed Acquisitions and Substantial Impairment Charges
The company may be unsuccessful in making, integrating and maintaining acquisitions and strategic investments. Failure to realize economic benefits resulted in substantial impairment charges, including ₹1,246.41 million for Shiprocket Omuni and ₹521.01 million for Swiftly in Fiscal 2024.
Dependence on Merchant Performance and Transaction Volumes
The company's results are significantly impacted by operational results and business decisions of merchants, web traffic they generate, and ability to attract merchants through online channels. Fluctuations in merchant sales directly affect the company's revenue as it operates on a consumption-based model.
Non-Exclusive Logistics Partner Relationships
The company does not have exclusive arrangements with its 42 active courier partners as of September 30, 2025, and they may prioritize services to competitors, refuse to renew contracts, or expand offerings to compete directly. The top 5 courier partners contribute 85.75% of total shipment volumes.
Heavy Dependence on Third-Party Vendors and Cost Structure
The company relies on various third-party vendors with Cost of Merchant Solutions contributing 69.06%, 69.40%, 69.34%, 58.94% and 58.65% of Total Expenses in the six months periods ended September 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023, respectively. Any deterioration in vendor relationships could adversely affect operations.
Core Business Revenue Concentration Risk
The company's Core Business segment comprises 74.78% of Revenue from Operations in the six months period ended September 30, 2025. Any disruption in Core Business offerings, which include Domestic Shipping services, could adversely affect the company's financial condition and results of operations.
Negative Operating Cash Flows in Recent Years
The company had negative cash flows from operations of ₹2,159.92 million and ₹1,379.57 million in Fiscals 2024 and 2023, respectively, primarily due to acquisition-related expenses and investments in scaling the Emerging Business segment. While recent periods showed positive cash flows, there's no assurance this will continue.
Cybersecurity and Data Protection Vulnerabilities
The company stores personally identifiable information and confidential data belonging to merchants and end consumers. Any cyberattacks, data breaches, or security incidents could interrupt operations, expose the company to significant liability, and adversely affect reputation and business operations.
Technology Platform Reliability and Software Defects
Software errors, interruptions, failures, bugs, defects, or outages of the technology platform could impair the company's ability to effectively provide offerings. The platform's multitenant cloud-based system means any errors deployed simultaneously to all merchants could have severe consequences.
Substantial Borrowings and Debt Service Obligations
The company had Total Borrowings of ₹2,337.85 million as of September 30, 2025. If the company is unable to comply with repayment and other covenants in future financing agreements, its business, financial condition and cash flows could be adversely affected.
Company Analysis
from RHPShiprocket is an e-commerce enablement platform that provides domestic shipping solutions, omnichannel tools, and emerging business services to merchants across India.
Incorporated as Bigfoot Retail Solutions Private Limited in September 2011 and renamed to Shiprocket Limited in 2024-2025, the company operates a comprehensive e-commerce enablement platform serving MSMEs and Large Retailers. Shiprocket generates revenue through two business segments: Core Business (domestic shipping and shipping apps at 73.38% of FY2026 revenue) and Emerging Business (cross-border solutions, omnichannel, checkout, marketing solutions, and hyperlocal delivery at 26.62% of FY2026 revenue). The company earns revenue primarily through consumption-based pricing models linked to merchant usage, with Revenue from Operations of ₹20,241.41 million in FY2026, growing from ₹16,320.12 million in FY2025. The company has made strategic acquisitions including Glaucus (fulfillment technology), Pickrr (logistics aggregator), and Shiprocket Omuni (omnichannel platform) to strengthen its offerings.
Objects of the Issue
- Funding capex and investments in technology infrastructure and capabilities primarily for Emerging Business and Core Business [●] (amount to be disclosed at pricing) p.148
- Funding acquisitions and strategic investments [●] (amount to be disclosed at pricing) p.161
- General corporate purposes including working capital and debt repayment [●] (amount to be disclosed at pricing) p.133
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹16,174.85 million
- Fresh Issue
- Up to [●] Equity Shares aggregating up to ₹8,855.00 million
- Offer for Sale
- Up to [●] Equity Shares aggregating up to ₹7,319.85 million
- Price Band
- [●] to [●] per Equity Share (to be disclosed)
- Lot Size
- [●] Equity Shares (minimum bid lot to be disclosed)
- Face Value
- ₹10 per Equity Share
Business Model
Shiprocket operates on a consumption-based pricing model where revenue is linked to merchant usage. In its Core Business, merchants access logistics partners through the platform to deliver goods within India and utilize value-added shipping apps. For the Emerging Business, the company offers cross-border solutions (Shiprocket X), omnichannel management (Shiprocket Omuni), checkout optimization, marketing solutions, and hyperlocal delivery (Shiprocket Quick). Revenue is generated through service fees on transactions, with Cost of Merchant Solutions (payments to ecosystem partners) representing 69.39% of total expenses in FY2026.
Business Segments
SWOT Analysis
- • High cash burn and operating losses(p.36)
- • Significant goodwill impairment from acquisitions(p.37)
- • Integration challenges from acquisitions(p.37)
- • Dependence on merchant-driven transactions(p.40)
- • High vendor concentration(p.53)
- • Internal control and audit deficiencies(p.43)
- • India e-commerce market growth(p.60)
- • Emerging Business expansion(p.41)
- • Cross-border/international market penetration(p.41)
- • No exclusive logistics partnerships(p.42)
- • Intense competition from larger players(p.46)
- • Macroeconomic risks and India-specific challenges(p.69)
- • E-commerce industry cyclicality(p.70)
- • Regulatory and foreign investment restrictions(p.68)
- • Data privacy and cybersecurity compliance requirements(p.64)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Saahil Goel | Co-founder/MD & CEO | — | — |
| Gautam Kapoor | Co-founder/Executive Director | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.