Shiprocket Becomes a Public Company in Preparation for its 2025 IPO

Shiprocket Becomes a Public Company in Preparation for its 2025 IPO
Shiprocket Goes Public Ahead of 2025 IPO Plans

With plans to go public in the upcoming fiscal year, the board of logistics unicorn Shiprocket has approved a resolution to turn the startup from a private to a public business. According to the company's regulatory filings, the startup will now rename itself Shiprocket Limited and remove the word "private" from its name. At the Shiprocket general body meeting on January 18, this decision was made. After the company passed a special resolution at an extraordinary general meeting on August 31, 2024, its authorised share capital was INR 70.98 lakh.

Through its initial public offering (IPO), which will comprise both core components and an offer for sale (OFS), Shiprocket is allegedly planning to raise between INR 2,000 and 2,500 crore. The company has hired Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the sale, according to media sources.

Shiprocket Up for $26 Mn Funding Round

This recent development coincides with the startup's fundraising round, which will be headed by US-based venture capital company KDT Ventures and raise INR 219 Cr, or around $26 million. Tribe Capital, SAI Global, Huddle Ventures, and Japan-based MUFG Bank are also anticipated to participate in the financing. The company will offer 50,461 Series E3 compulsorily convertible preference shares (CCPS) to investors at an issue price of INR 43,394 each as part of its fundraising effort. Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor founded Shiprocket in 2017 with the goal of aggregating third-party logistics firms. In addition to Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax, the firm has 17 courier partners. It states that it provides shipping options for more than 24,000 PIN codes in India and 220 other countries.

Shiprocket is worth $1.21 billion and has raised more than $320 million so far. Bertelsmann Nederland B.V. is the biggest external stakeholder, followed by Tribe, according to the startup data intelligence platform TheKredible. Notable investors in Shiprocket include Temasek, Paypal, LightRock, and Zomato.

The company's revenue increased by 21% year over year to INR 1,316 crore in the fiscal year that ended in March 2024, but its losses for the same period were INR 595 crore. Along with other companies like Shipyard, it is in competition with Unicommerce.

Shiprocket’s Business Operations

The business launched a D2C marketplace called Zop in August 2024. About 200–300 brands in eight categories, such as technology, fashion, and beauty, are featured on the platform. In terms of money, the startup's FY24 net loss was INR 595 Cr, up 74.4% from FY23's INR 341 Cr. From INR 1,089 Cr in the prior fiscal year to INR 1,316 Cr in the year under review, its operating revenue increased by 20.8%.


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