Temasek-, Eternal-backed Shiprocket files updated DRHP; looks to raise ₹2,342 cr via IPO

Temasek- and Eternal -backed e-commerce enablement platform Shiprocket has filed an updated draft red herring prospectus (UDRHP) with markets regulator Sebi, proposing to raise ₹2,342 crore via the initial public offering (IPO) route. The logistics and supply chain enabler had filed its IPO papers with Sebi through the confidential pre-filing route in May this year, which was approved by the regulator on October 31, 2025.

The proposed IPO comprises a fresh issue of equity shares worth up to ₹1,100 crore and an offer for sale (OFS) of shares aggregating ₹1,242.3 crore by existing shareholders. Under the OFS, Lightrock, Tribe Capital, Bertelsmann, Arvind Ltd, Gautam Kapoor, Saahil Goel and Vishesh Khurana will be offloading their stakes in the company.

As per the company, Shiprocket may also consider a pre-IPO placement of up to ₹220 crore, which, if undertaken, would lead to a corresponding reduction in the size of the fresh issue.

The IPO papers show that the proceeds from the fresh issue will be used to accelerate growth across Shiprocket’s platforms, with a key focus on higher marketing spends and strengthening its technology infrastructure across both core and emerging businesses. A portion of the funds will also be utilised for the repayment or prepayment of certain borrowings along with associated interest costs.

In addition, Shiprocket plans to deploy capital towards inorganic expansion through potential acquisitions and for general corporate purposes.

Founded in 2017, the Gurugram-based unicorn has evolved from a shipping solutions provider into a full-stack e-commerce enablement platform catering to direct-to-consumer (D2C) brands and micro, small and medium enterprises (MSMEs). D2C brands and independent merchants contribute 70–80% of its total revenue.

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. Over the next decade, the automated shipping solutions provider became a unicorn, achieving a valuation of $1 billion in 2022, as India’s digital economy accelerated.

The company empowers over 1.5 lakh merchants annually, of which around 50–60% are from Tier-2 and Tier-3 cities, where the next wave of digital commerce is emerging. Through partnerships with 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 more than 250 ecosystem partners, including courier services, payment gateways, fulfilment centres, ERPs and marketing platforms, Shiprocket has processed over 420 million e-commerce transactions, served more than 120 million end consumers through its core business, and enabled over four lakh merchants to sell online. Its logistics network spans 19,000 pin codes across India and reaches over 140 countries globally through its cross-border capabilities.

On the financial front, the logistics tech platform reported total revenue of ₹1,632 crore in FY25, growing by 24% year-on-year from ₹1,316 crore in FY24. On profitability metrics, Shiprocket reported a positive cash EBITDA of ₹7 crore, marking a turnaround from a ₹128 crore burn in FY24. Net losses narrowed sharply to ₹74 crore from ₹595 crore last year, even after accounting for ₹91 crore in ESOP expenses.

Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital Company are acting as the book-running lead managers for the proposed IPO.