Shiprocket Limited Plans IPO as India's Leading E-commerce Enablement Platform
Shiprocket Limited, India's largest e-commerce enablement platform serving 145,269 active merchants, is planning an IPO to raise funds for strategic growth and debt reduction. The company reported Q2 FY2026 revenue of ₹942.67 crores, up 15.37% year-over-year, though it continues to report losses of ₹38.32 crores. IPO proceeds will fund ₹505 crores in growth investments and ₹210 crores in debt repayment, supporting the company's market leadership position in India's e-commerce ecosystem.
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Shiprocket Limited, India's largest new-age end-to-end horizontal e-commerce enablement platform, is preparing for an Initial Public Offering to fuel its growth ambitions. The company, which has established itself as the market leader according to the Redseer Report for Fiscal 2025, provides comprehensive logistics, checkout, payments, fulfillment, and cross-border trade solutions to MSMEs and large retailers across India.
Financial Performance and Growth Trajectory
The company has demonstrated consistent revenue growth despite reporting overall losses. In Q2 FY2026, Shiprocket recorded revenue from operations of ₹942.67 crores, representing a 15.37% year-over-year increase from ₹817.01 crores in Q2 FY2025. However, the company reported a loss before tax of ₹38.32 crores in Q2 FY2026, though this represents an improvement from the ₹42.31 crores loss in the corresponding period of the previous year.
| Period | Revenue from Operations | Total Revenue | Loss Before Tax |
|---|---|---|---|
| Q2 FY2026 | ₹942.67 cr | ₹970.79 cr | ₹38.32 cr |
| Q2 FY2025 | ₹817.01 cr | ₹837.20 cr | ₹42.31 cr |
| FY2025 | ₹1,632.01 cr | ₹1,674.82 cr | ₹74.45 cr |
| FY2024 | ₹1,315.98 cr | ₹1,357.83 cr | ₹595.18 cr |
The company's balance sheet shows total assets of ₹2,393.35 crores as of September 2025, with total equity of ₹1,507.69 crores and current assets of ₹1,197.18 crores.
IPO Proceeds and Strategic Investments
Shiprocket plans to utilize the IPO proceeds for strategic growth initiatives and financial optimization. The company has allocated ₹505.00 crores for investment in marketing initiatives and technology infrastructure across both Core and Emerging Business segments. Additionally, ₹210.00 crores will be directed toward debt repayment and prepayment of borrowings, including overdraft facilities.
| Purpose | Amount | Description |
|---|---|---|
| Growth Investment | ₹505.00 crores | Marketing and technology infrastructure |
| Debt Repayment | ₹210.00 crores | Borrowings and overdraft facilities |
| Other Uses | Not Specified | Acquisitions and general corporate purposes |
Business Model and Market Position
Shiprocket operates through an asset-light business model, serving 145,269 active merchants as of September 30, 2025. The company's platform enables e-commerce transactions through a comprehensive ecosystem of over 250 partners and 42 active courier partners. The business model demonstrates strong operational efficiency with 96.92% merchant onboarding completed without support intervention and a 62.57% First Call Resolution Rate.
The company's Core Business segment has maintained profitability since Fiscal 2022, contributing 74.78% of total revenue in H1 FY2026. The platform processes data from over 140 million end consumers and 620 million unique transactions, enabling advanced AI capabilities including RTO prediction with 82.59% accuracy.
Technology and Operational Excellence
Shiprocket has invested significantly in technology infrastructure and automation capabilities. The platform achieves 92.38% shipping address pre-filling capability and maintains a 64.56% end consumer repeat rate. The company's cross-selling success is evident with 52.27% of Power Merchants utilizing three or more products from the platform.
Risk Factors and Challenges
Despite its market leadership, Shiprocket faces several operational challenges. The company's heavy dependence on third-party vendors is reflected in the Cost of Merchant Solutions, which represents 69.06% of total expenses in H1 FY2026. The top five courier partners contribute 85.75% of shipment volumes, creating concentration risk in logistics partnerships.
The company has also experienced significant impairment charges from previous acquisitions, including ₹1,246.41 crores for Shiprocket Omuni and ₹521.01 crores for Swiftly in FY2024. These impairments highlight the execution risks associated with inorganic growth strategies.
Leadership and Corporate Structure
Shiprocket is led by Chief Executive Officer Saahil Goel, with Chief Operating Officer Gautam Kapoor and Chief Financial Officer Kumar Tanmay forming the core management team. The company, incorporated in 2011, operates from its registered office in New Delhi and maintains its primary business website at www.shiprocket.in .
The company's diversified merchant base provides revenue stability, with the top 20 merchants contributing only 17.22% of total revenue, thereby minimizing concentration risk. This diversification, combined with the asset-light model and technology-driven operations, positions Shiprocket as a scalable platform in India's growing e-commerce ecosystem.
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