Shiprocket Submits Updated DRHP for INR 2,342 Cr IPO, Backed by Eternal

For an INR 2,342.3 Cr IPO, Shiprocket has submitted its revised draft red herring prospectus (UDRHP) to SEBI. A new issue of equity shares up to INR 1,100 Cr and an offer-for-sale (OFS) component up to INR 1,242.3 Cr would make up the company's proposed public listing. Shares will be sold through the OFS by cofounders Gautam Kapoor, Saahil Goel, and Vishesh Khurana as well as institutional investors LR India Fund I, Arvind Ltd, Tribe Capital III, MCP3 SPV LLC, and Bertelsmann Nederland B.V.

How the Company Plans to Utilise Proceeds?

From the IPO proceeds, Shiprocket intends to invest INR 505 Cr in its platforms, mostly for its core business and developing ventures. Of this, INR 211 Cr will be used for bolstering the IT infrastructure, while INR 294 Cr will be used for marketing campaigns. The business intends to pay down INR 210 Cr in debt, with the remaining funds being used for normal business needs and inorganic growth financing through unnamed acquisitions.

Together, cofounders Goel, Khurana, and Kapoor control 10.69% of the business. With 21.32% of the company's shares, Bertelsmann is the largest stakeholder, followed by Tribe Capital III with 6.39%. The stakes held by MCP3 SPV LLC and LR India Fund I are 4.50% and 4.40%, respectively. Eternal, the parent company of Zomato, holds a 6.85% share in the business. Shiprocket obtained the market regulator's approval to launch the IPO in November after submitting its secret DRHP to SEBI in May.

Shiprocket’s Growth Trajectory

Shiprocket, a third-party logistics service company founded in 2017 by Kapoor, Goel, Khurana, and Akshay Ghulati, collaborates with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax, among others. Beyond logistics, Shiprocket has grown over time to include cross-border shipping, payments, marketing tools, omnichannel shopping, and seller credit. The Delhi NCR-based business has raised over $400 million so far.

After investing $33.5 million in a round headed by Lightrock India, it became a unicorn in 2022. In FY25, the company's net loss decreased by 88% to INR 74.5 Cr from INR 595.2 Cr the year before. From INR 1,316 Cr in FY24 to INR 1,632 Cr, its operating revenue increased 24% year over year. Shiprocket's net loss decreased 9.5% to INR 38.3 Cr in the first half of FY26 from INR 42.3 Cr in the same time last year. Operating revenue increased from INR 817 Cr in H1 FY25 to INR 942.7 Cr, a 15.4% increase.