E-commerce enablement and logistics technology startup Shiprocket has taken another decisive step towards its public market journey by filing an updated Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company is aiming to raise up to ₹2,342 crore through its proposed initial public offering (IPO), making it one of the most closely watched startup listings in the Indian market.
The updated filing signals Shiprocket’s readiness to enter the public markets after years of rapid growth, strategic acquisitions, and expanding its presence across India’s fast-evolving e-commerce ecosystem. Backed by prominent investors including Eternal and other global funds, the IPO is expected to attract strong interest from both institutional and retail investors.
IPO Structure and Offer Details
As per the updated DRHP, the Shiprocket IPO will comprise a combination of a fresh issue of equity shares and an offer for sale by existing shareholders. The fresh issue component is expected to help the company raise capital for future growth initiatives, while the offer for sale will allow early investors and founders to partially monetise their holdings.
The structure reflects a balanced approach, ensuring the company strengthens its balance sheet while also providing liquidity to long-term stakeholders who have supported Shiprocket through its scaling phase. The face value of the equity shares has been fixed at ₹10 per share.
Strong Backing from Institutional Investors
Shiprocket has garnered backing from several high-profile investors over the years, including Eternal, global investment firms, and venture capital funds. These investors have played a crucial role in helping the company expand its product offerings beyond shipping to a full-stack e-commerce enablement platform.
Founders Saahil Goel, Gautam Kapoor and Vishesh Khurana are also expected to participate in the offer for sale. Their partial stake dilution is seen as a normal step in the lifecycle of a maturing startup preparing for public ownership, rather than a signal of reduced confidence in the business.
Planned Use of IPO Proceeds
The company has clearly outlined how it intends to utilise the funds raised through the IPO. A significant portion of the proceeds will be directed towards strengthening its technology platform, expanding seller acquisition efforts, and increasing brand visibility across India’s growing digital commerce market.
Shiprocket also plans to use part of the capital to repay or prepay certain borrowings, which is expected to improve its financial health. The remaining funds will be allocated towards general corporate purposes and potential inorganic growth opportunities, including strategic acquisitions that align with its long-term vision.
Financial Performance and Business Growth
Shiprocket has demonstrated steady improvement in its financial performance over recent years. The company has reported consistent revenue growth, driven by an expanding merchant base and higher platform usage. Importantly, it has also made meaningful progress in reducing its losses, reflecting better cost control and operational efficiency.
By serving over two lakh online sellers across India, Shiprocket has positioned itself as a critical enabler for small and medium businesses looking to build and scale their online presence. Its services now extend beyond logistics to include fulfilment, cross-border shipping, checkout solutions, and data-driven insights for merchants.
Outlook for the Public Listing
Shiprocket’s move comes at a time when investor sentiment towards new-age tech and logistics companies is gradually improving. With a clearer path to profitability and a diversified revenue model, the company is aiming to present itself as a mature, scalable business rather than just a high-growth startup.
As the IPO process advances, market participants will closely track Shiprocket’s valuation expectations and subscription response. If successful, the listing could further strengthen confidence in India’s startup ecosystem and pave the way for more venture-backed companies to explore public markets in the near future.