| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1315.98 | 1632.01 | 2024.14 |
| Expenses | 1708.63 | 1749.27 | 2153.36 |
| Other Income | 41.86 | 42.81 | 53.28 |
| Total Revenue | 1357.83 | 1674.82 | 2077.42 |
| Profit Before Tax | -595.18 | -74.45 | -79.25 |
| Net Profit | -595.18 | -74.45 | -79.25 |
Shiprocket
Shiprocket IPO
₹14,168
Bidding Dates 12 Aug, 26 -14 Aug, 26
Min Investment ₹14,168
Lot Size154
Price Range ₹92 – ₹97
Issue Size ₹1,617.48 Cr.
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IPO Timeline
IPO Offer Start
12 Aug,26
IPO Offer Ends
14 Aug,26
Allotment Finalisation
17 Aug,26
Refund Initiation
18 Aug,26
Listing of Shares
19 Aug,26
IPO Analysis
Strengths
The company's Core Business has been profitable since Fiscal 2022, with Revenue from Operations - Core Business increasing by a CAGR of 17.02% from Fiscal 2024 to Fiscal 2026. The platform-based business model allows rapid expansion without physical infrastructure constraints.
The company analyzes data from more than 155 million end consumers served and more than 730 million unique transactions processed between October 2016 and March 2026. The RTO product identified shipments as high-risk with 83.01% accuracy in Fiscal 2026.
The company is the largest new-age end-to-end horizontal e-commerce enablement platform (in terms of revenue from operations) registered in India in Fiscal 2026. The company served 214,769 Active Merchants in Fiscal 2026.
Risks
The company had restated losses of ₹792.45 million, ₹744.49 million and ₹5,951.81 million for Fiscals 2026, 2025 and 2024, respectively. The company may continue to incur operating losses as it invests in expanding operations, product portfolio, merchant base, and partner network, with no assurance of achieving profitability.
The company recorded significant impairment losses of ₹1,767.42 million in goodwill and ₹753.15 million in intangible assets in Fiscal 2024 due to underperformance of acquired entities. Goodwill represents 36.54% of total assets as of March 31, 2026, creating substantial impairment risk if acquisitions fail to deliver expected returns.
The company operates on a consumption-based model where revenue is directly linked to merchant sales and transaction volumes. Any decline in merchant sales due to macroeconomic conditions, business failures, or reduced web traffic could materially impact the company's revenue and financial performance.
Objectives
The company intends to invest in marketing initiatives including performance and digital marketing, affiliate and influencer marketing, content assets, integrated campaigns, trade shows, merchant incentive programs, partnerships, and affiliate merchant networks to accelerate merchant acquisition and amplify digital presence across Core Business and Emerging Business segments.
The company proposes to invest in server and communication costs including cloud infrastructure, and recruitment of product and technology personnel to enhance technology capabilities, expand microservices architecture, improve data intelligence, shipping logistics intelligence, and develop cross-border commerce enablement solutions.
The company intends to repay or prepay certain borrowings availed from banks and financial institutions including overdraft facilities to reduce outstanding indebtedness and debt servicing costs, enabling utilization of internal accruals for further business growth and expansion.
The company proposes to utilize funds for potential acquisitions that are complementary to existing offerings, unlock new addressable markets, have strong unit economics, and demonstrate scalable technology-driven models. General corporate purposes include rental expenses, consultant fees, vendor services, employee expenses, and other ordinary business activities.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 2051.22 | 2308.62 | 2504.77 |
| Current Assets | 702.16 | 1254.62 | 1016.56 |
| Fixed Assets | 1349.06 | 1054.00 | 1488.21 |
| Total Equity & Liabilities | 2051.22 | 2308.62 | 2504.77 |
| Total Liabilities | 765.04 | 817.37 | 980.46 |
| Current Liabilities | 675.16 | 735.65 | 892.84 |
| Non Current Liabilities | 89.88 | 81.72 | 87.62 |
| Total Equity | 1286.18 | 1491.25 | 1524.31 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -42.77 | 10.75 | 60.96 |
| Investing Activities | 175.68 | -143.97 | 53.18 |
| Operating Activities | -215.99 | 1.90 | 52.64 |
| Financing Activities | -2.45 | 152.83 | -44.86 |
About Shiprocket
Shiprocket is an end-to-end, new age, merchant-first, and API-led technology platform designed to enable e-commerce transactions for India's MSMEs and Large Retailers. The company's platform simplifies logistics, checkout, payments, fulfilment, and cross-border trade, enabling Merchants to sell online and offline efficiently and at scale. According to the Redseer Report, the...more
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Managing DirectorSaahil Goel
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