Shiprocket IPO

About Shiprocket IPO

The Shiprocket IPO, a mainboard IPO, opens on Wednesday, August 12, 2026 and closes on Friday, August 14, 2026. The allotment of shares will take place on Monday, August 17, 2026. The credit of shares to the demat account will take place on Tuesday, August 18, 2026. The initiation of refunds will take place on Tuesday, August 18, 2026. The listing of shares will take place on Wednesday, August 19, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 9,12,99,203 shares aggregating up to ₹885.50 crore. The offer for sale portion includes 7,54,62,363 shares of ₹10 aggregating up to ₹731.99 crore. The total number of shares and aggregate amount are 16,67,61,566 shares aggregating up to ₹1,617.49 crore.

Shiprocket IPO's price band is set at ₹92 to ₹97 per share. The lot size for an application is 154. The minimum amount of investment required by a retail investor is ₹14,938 (154 shares) based on the upper price.

Shiprocket operates an e-commerce enablement platform that provides merchants with an end-to-end technology suite for selling online, encompassing checkout, communication, order management, logistics, fulfilment, returns, data analytics, and access to financing. The company served 214,769 active merchants in Fiscal 2026 across categories such as beauty and personal care, apparel and footwear, home décor, and electronics, primarily in the Direct Commerce space.

Objectives of Shiprocket IPO

• Investment in the growth of Shiprocket's platforms, primarily for the Emerging Business and the Core Business.
  
• Repayment or prepayment, in full or in part, of certain borrowings availed of by the Company, including payment of the interest accrued thereon.
  
• Funding inorganic growth through unidentified acquisitions and general corporate purposes.
  

Industry Outlook

India's e-commerce ecosystem is large and widening. Marketplaces form the biggest segment, with a GMV of ₹6.3–6.9 trillion (US$74–79 billion). Alongside them, Direct Commerce, sales through brands' own websites and channels, carries a GMV of ₹740–914 billion (US$9–11 billion). This is the segment Shiprocket serves.

Demand is broadening. The number of online shoppers is expected to grow at a 7–8% CAGR, from 300–320 million in CY2025 to 425–475 million in CY2030. Rising incomes, deeper internet access, and tier-2 consumption are pulling more merchants online. Many of these merchants are choosing Direct Commerce to own their customer data, protect margins, and build brand loyalty rather than compete on price-driven marketplaces.

Running online commerce through many separate providers is complex. Merchants juggle checkout, payments, logistics, and returns across fragmented systems that absorb time and capital. Integrated enablement platforms replace that patchwork with a single modular stack. New-age end-to-end horizontal e-commerce enablement platforms can capture a take rate of up to 20% of the GMV they enable, and that share tends to rise as merchants adopt more of the platform's services. Shiprocket is positioned to benefit as Direct Commerce merchants consolidate their operations onto one platform.

About Shiprocket Limited

Shiprocket runs an e-commerce enablement platform for online merchants. Its technology suite digitises the full transaction including checkout, communication, orders, logistics, fulfilment, returns, analytics, and financing. Merchants access these products through a mobile app and website, and the platform adapts to sellers of varying sizes across product categories. It served 214,769 Active Merchants in Fiscal 2026.

The Company operates two segments. The Core Business is built on its Domestic Shipping platform, which offers multi-modal shipping across air, surface, heavy shipments, and same-day and next-day delivery, and generated Revenue from Operations – Core Business of ₹14,854.12 million in Fiscal 2026. The Emerging Business — cargo and fulfilment, cross-border shipping, advertising and marketing solutions, and other offerings — generated ₹5,387.29 million in the same year. Emerging Business grew to 26.62% of Revenue from Operations in Fiscal 2026, up from 17.58% in Fiscal 2024. Reach is wide. From October 2016 to March 2026, the platform enabled merchants to serve more than 155 million end consumers across more than 19,000 pin codes, adding 29.38 million new end consumers in Fiscal 2026. Merchants operate largely in Direct Commerce, spanning beauty and personal care, apparel and footwear, home décor, and electronics. The Company is registered in New Delhi and operates from its corporate office in Gurugram, Haryana. Its Managing Director and Chief Executive Officer, Saahil Goel, has 21 years of experience in the e-commerce sector.

Strengths of Shiprocket

• The Core Business has been profitable since Fiscal 2022, with revenue from operations from the Core Business growing at a CAGR of 17.02% from Fiscal 2024 to Fiscal 2026.
• Shiprocket is the largest new-age end-to-end horizontal e-commerce enablement platform in India by revenue from operations in Fiscal 2026.
• A diversified base of 214,769 active merchants across multiple product categories reduces dependence on any single merchant or segment.
• The platform served 69.58 million end consumers in Fiscal 2026, with a repeat rate of 57.78%, demonstrating strong network effects.
• The tech-enabled, asset-light platform leverages AI, data intelligence, and automation to optimise courier selection, improve checkout conversion, and reduce delivery times.
• A modular, open platform with APIs and integrations supports rapid expansion into new shipping modes and adjacent merchant services.

Risks of Shiprocket

• The Company has no exclusive arrangements with its logistics partners. Losing key couriers, suppliers, or cargo partners could disrupt fulfilment and reduce revenue.
• The Company's results depend heavily on its Domestic Shipping Core Business. Any decline in shipping volumes or adverse change in courier pricing could directly impact earnings.
• The Company intends to use a portion of the net proceeds for unidentified acquisitions. Misjudged acquisition targets or unsuccessful integration could adversely affect shareholder value.
• The Company has recorded negative operating cash flows, including ₹2,159.92 million used in operating activities in Fiscal 2024. Sustained cash burn could increase its reliance on external funding.
• Expansion into the cross-border business and new product verticals remains relatively untested. Failure to scale these businesses could result in inefficient capital allocation and divert management attention.

Anchor Investor Bidding Date

Tuesday, August 11, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
KFin Technologies Limited
Tel: +91 40 6716 2222
E-mail: shiprocket.ipo@kfintech.com

Book Running Lead Manager(s)

• Axis Capital Limited
  
• BofA Securities India Limited
  
• JM Financial Limited
  
• Kotak Mahindra Capital Company Limited
  

Shiprocket Contact Details
Plot No. B, Khasra No. 360, Sultanpur, New Delhi – 110 030, India.
Tel: +91 87448 68534
E-mail: companysecretary@shi procket.com

Shiprocket Business Model

The company earns its revenue through the sale of merchant solutions across its Core Business and Emerging Business segments, along with the sale of traded goods within the Emerging Business. It primarily operates a consumption-based pricing model, whereby revenue is linked to merchants' usage of its products, measured by parameters such as the number of unique transactions or the GMV processed. Revenue from merchant solutions accounted for 99.21% of Revenue from Operations in Fiscal 2026.

The Core Business is anchored by the Domestic Shipping platform, which gives merchants access to multiple logistics providers with AI-driven courier allocation, a unified order-management dashboard, and data-driven insights. The Emerging Business spans cargo and fulfilment (₹3,029.71 million in Fiscal 2026), cross-border shipping (₹1,394.16 million), advertising and marketing solutions such as Fastrr checkout and Shiprocket Ads (₹838.19 million), and other offerings including hyperlocal delivery and capital solutions (₹125.23 million).

Shiprocket Growth Trajectory

Shiprocket Limited's Total Income for FY26 was ₹2,077.42 crore, whereas in FY25 and FY24 it was ₹1,674.82 crore and ₹1,357.83 crore, respectively.

The Profit After Tax for FY26 was ₹(79.25) crore, whereas in FY25 and FY24 it was ₹(74.45) crore and ₹(595.18) crore, respectively.

Their EBITDA for FY26 was ₹(16.56) crore, whereas in FY25 and FY24 it was ₹(17.16) crore and ₹(495.89) crore, respectively.

Shiprocket Market Position

Shiprocket serves a wide distribution footprint, enabling merchants to reach more than 155 million end consumers across more than 19,000 pin codes between October 2016 and March 2026. It served 214,769 Active Merchants in Fiscal 2026 and, according to the Redseer Report, is the largest new age end-to-end horizontal e-commerce enablement platform in India by revenue from operations. The platform is built to enterprise-grade security and compliance standards, including SOC 2 and ISO 27001, and the Company has obtained certifications for waste disposal and carbon-neutral packaging.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹2,077.42 crore, ₹(79.25) crore, and ₹(16.56) crore, respectively.

How to apply for Shiprocket IPO?

Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.