E-commerce enablement platform Shiprocket has submitted an updated draft red herring prospectus to the Securities and Exchange Board of India for its proposed Rs 2,342.35 crore initial public offering.
According to the filing, the IPO includes a fresh issue of equity shares worth Rs 1,100 crore, along with an offer for sale of Rs 1,242.35 crore by existing shareholders, including both investors and founders. Earlier, the Gurugram-based startup had approached SEBI in May 2025 through the confidential filing route and subsequently received regulatory observations in the last week of October.
Founded in 2012 by Saahil Goel, Gautam Kapoor, Vishesh Khurana, and Akshay Ghulati, Shiprocket operates as a horizontal e-commerce enablement platform with a strong focus on direct-to-consumer and merchant-led online commerce. The company provides services such as courier integrations, real-time shipment tracking, and automated logistics solutions for merchants selling through their own websites, mobile applications, and social media platforms.
As outlined in the UDRHP, Lightrock will anchor the offer for sale and plans to divest shares worth Rs 258.49 crore. In addition, Arvind Ltd and Tribe Capital will sell shares valued at Rs 161 crore and Rs 120 crore, respectively. March Capital and Bertelsmann will also offload shares worth Rs 95 crore and Rs 85.43 crore, respectively. Furthermore, other selling shareholders include 500 Startups, Agility Global, AFOS Group, Moore Strategic Ventures, and boAt co-founder Sameer Mehta, among others. Co-founders Gautam Kapoor and Saahil Goel will each sell shares worth Rs 144 crore, while Vishesh Khurana will divest shares valued at Rs 36.93 crore. Notably, Eternal, formerly known as Zomato, will not participate in the offer for sale.
In terms of shareholding, Bertelsmann Nederland remains the largest shareholder with a 21.32% stake. Tribe Capital holds 14.14%, while Eternal and Temasek, through its subsidiary MacRitchie Investments, own 6.85% and 5.29% stakes, respectively. Meanwhile, the company’s ESOP pool represents 8.48% of the total shareholding.
Looking ahead, Shiprocket plans to utilise Rs 505 crore from the IPO proceeds to scale its platforms. This allocation includes Rs 294 crore towards marketing and customer acquisition and Rs 211 crore for strengthening its technology infrastructure. Additionally, the company will deploy Rs 210 crore for debt repayment. As of September 2025, Shiprocket’s total borrowings stood at Rs 233.8 crore. The remaining proceeds will support inorganic growth through acquisitions and meet general corporate requirements. The company may also explore a pre-IPO placement of up to Rs 220 crore as part of the fresh issue.
On the financial performance front, Shiprocket recorded a 15% year-on-year rise in operating revenue to Rs 942.7 crore during the six months ended September 2025. During the same period, the company reduced its losses to Rs 38.3 crore from Rs 42.3 crore a year earlier. For FY25, Shiprocket reported revenue of Rs 1,632 crore, reflecting a 24% increase over the previous year, while its net loss narrowed significantly to Rs 74.4 crore from Rs 595.1 crore in FY24.
Axis Capital, BofA Securities India, JM Financial, and Kotak Mahindra Capital Company are managing the IPO, while KFin Technologies has been appointed as the registrar.
