Shiprocket IPO: E-commerce logistics aggregator to take confidential pre-filing route

Logistics and supply-chain enabler Shiprocket is gearing up to tap into the initial public offering (IPO) market, looking to raise ₹2,000-2,500 crore by listing its shares on the domestic bourses. The company, backed by Deepinder Goyal-led Zomato, is expected to file confidential papers with the Securities and Exchange Board of India (SEBI) very soon, sources told Fortune India. 

The Gurugram-based unicorn, which is expanding into payments, cross-border shipping, and quick commerce, has reportedly received its board approval for the IPO. The public issue is expected to be a combination of fresh equities worth around ₹1,000-1,200 crore and offer for sale by existing shareholders. These numbers are tentative and may increase or decrease during the IPO filing.

Last year, some big-ticket IPOs such as Swiggy and Vishal Mega Mart took confidential pre-filing route to list their shares on the BSE and NSE. Recently, Aman Gupta’s boAt, Alakh Pandey’s PhysicsWallah, and Credila Financial Services Limited (formerly known as HDFC Credila Financial Services Limited) also submitted their confidential IPO papers with the capital market regulator.

Shiprocket’s journey from logistics aggregator to India’s largest e-commerce enablement platform

The company, initially launched as BigFoot Retail Solution Pvt Ltd., was co-founded by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor in 2012. In the next 10 years, the automated shipping solution provider becomes an unicorn, achieving a valuation of $1 billion in 2022, as India’s digital economy accelerates.

Shiprocket is expected to achieve profitability FY25, making a significant improvement from net loss of ₹595 crore reported in FY24. The company clocked operating revenue of ₹1,316 crore in FY24, a 21% increase from the previous year, even after its net loss ballooned from ₹341 crore in FY23, largely due to the financial impact of merging several of its acquisitions.

The company empowers over 1.5 lakh merchants annually, of which around 50-60% are from Tier-2 and Tier-3 cities from where the next wave of digital commerce is coming. With partnerships like India Post, the Directorate General of Foreign Trade, and ONDC, it is integrating small sellers into the formal digital economy, unlocking growth at the grassroots level.

With a network of 250+ ecosystem partners, including courier services, payment gateways, fulfilment centres, ERPs, and marketing platforms, Shiprocket has processed over 420 million+ eCommerce transactions, served 120 million+ end consumers through its Core Business, and enabled more than 4 lac merchants to sell online. Its logistics network spans 19,000 pin codes across India and reaches 140+ countries globally through its robust cross-border capabilities.

Shiprocket has tie-up with high-growth brands like Mamaearth, which have leveraged its comprehensive, tech-enabled platform to transition from nascent ventures to household names. It also supports brands such asGiva, Mcaffaine, Bellavita, helping them streamline operations, expand reach, and enhance delivery performance.

Last week, Shiprocket launched the country’s first Model Context Protocol (MCP) server for ecommerce shipping. This breakthrough innovation allows AI agents to directly handle key operations—from checking shipping rates to tracking orders—using a single line of instruction.

(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)