Shiprocket moves toward Dalal Street, files updated DRHP for Rs 2,342 crore IPO

E-commerce enablement platform Shiprocket has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its proposed Rs 2,342.35 crore initial public offering (IPO).

The IPO comprises a fresh issue of equity shares worth Rs 1,100 crore and an offer for sale (OFS) of shares worth Rs 1,242.35 crore by existing shareholders, including investors and founders.

The Gurugram-based startup had first approached SEBI in May 2025 by filing its draft papers through the confidential route, which received regulatory observations in the last week of October.

Founded in 2012 by Saahil Goel, Gautam Kapoor, Vishesh Khurana and Akshay Ghulati, Shiprocket positions itself as a horizontal e-commerce enablement platform focused on direct-to-consumer (D2C) and merchant-led online commerce.

It offers courier integrations, real-time shipment tracking and automated logistics solutions for merchants selling through their own websites, apps and social media channels.

As per the UDRHP, the OFS will be led by Lightrock, which plans to sell shares worth Rs 258.49 crore. Arvind Ltd and Tribe Capital will offload shares worth Rs 161 crore and Rs 120 crore, respectively. March Capital and Bertelsmann will sell shares worth Rs 95 crore and Rs 85.43 crore, respectively.

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 offload shares worth Rs 144 crore, while Vishesh Khurana will sell shares worth Rs 36.93 crore.

Eternal (formerly Zomato) will not participate in the OFS.

Bertelsmann Nederland is the company’s largest shareholder, holding a 21.32% stake. Tribe Capital, Eternal, and Temasek, through its subsidiary MacRitchie Investments, hold 14.14%, 6.85%, and 5.29% stakes, respectively. The company’s ESOP pool accounts for 8.48% of the shareholding.

Shiprocket plans to deploy Rs 505 crore from the IPO proceeds towards scaling its platforms. This includes Rs 294 crore for marketing and customer acquisition and Rs 211 crore for strengthening its technology infrastructure. Another Rs 210 crore will be used for repayment of debt.

As of September 2025, the company’s total borrowings stood at Rs 233.8 crore.

The remaining funds will be used for inorganic growth through acquisitions and for general corporate purposes. The company may also consider a pre-IPO placement of up to Rs 220 crore as part of the fresh issue.

On the financial front, Shiprocket reported a 15% year-on-year increase in operating revenue to Rs 942.7 crore in the six months ended September 2025. During the same period, its losses narrowed to Rs 38.3 crore from Rs 42.3 crore a year earlier.

For FY25, the company posted revenue of Rs 1,632 crore, up 24% from the previous year, while its net loss narrowed sharply to Rs 74.4 crore from Rs 595.1 crore in FY24.

The IPO is being managed by Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital Company, with KFin Technologies acting as the registrar.