Shiprocket Files Updated Draft Red Herring Prospectus for IPO

Shiprocket has made a significant move by filing an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) valued at Rs 2,342.35 crore. This IPO comprises a new issuance of equity shares amounting to Rs 1,100 crore, while existing shareholders and co-founders will offer shares worth Rs 1,242.35 crore in an offer for sale (OFS).

The company’s draft IPO documents were initially filed with SEBI in May 2025 through a confidential process. Established by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket functions as a logistics and supply chain platform aimed at simplifying shipping for businesses through courier integrations, real-time tracking, and automated solutions.

Offer for Sale Details

According to the UDRHP, the offer for sale will be led by Lightrock, which intends to divest shares worth Rs 258.49 crore. Following this, Arvind Ltd and Tribe Capital will also offload shares valued at Rs 161 crore and Rs 120 crore, respectively. Additionally, March Capital and Bertelsmann India Investments plan to participate in the OFS, cashing out Rs 95 crore and Rs 85.43 crore, respectively.

Other participants in the OFS include 500 Startups, Agility Global, AFOS Group, Moore Strategic Ventures, and Sameer Mehta, co-founder of boat. Importantly, Eternal, previously known as Zomato, will not take part in the offer for sale.

Co-founders Participation and Fund Utilisation

The co-founders of Shiprocket, Gautam Kapoor and Saahil Goel, will also be partaking in the OFS, each selling shares worth Rs 144 crore. In addition, another co-founder, Vishesh Khurana, plans to divest shares valued at Rs 36.93 crore.

Shiprocket aims to utilise Rs 505 crore of the IPO proceeds for enhancing its platforms, allocating Rs 294 crore for marketing efforts and Rs 211 crore to boost its technological infrastructure. Furthermore, Rs 210 crore will be directed towards debt repayment, while the remaining funds will support inorganic growth through acquisitions and cover general corporate expenses.

IPO Management

The management of the IPO will be overseen by Axis Capital, BofA Securities, JM Financial, and Kotak, with KFin Technologies serving as the registrar. As per the UDRHP filing, Bertelsmann India Investments stands as the largest shareholder in the company, holding a 21.32% stake, followed by Tribe Capital at 14.14%. Eternal (formerly Zomato) and Temasek possess stakes of 6.85% and 5.29%, respectively. Co-founders Saahil Goel and Gautam Kapoor each hold 4.84%, while the ESOP pool constitutes 8.48% of the overall shareholding.

Financial Performance

On the financial front, the Gurugram-based entity reported a 15% year-on-year increase in operating revenue, totalling Rs 942.6 crore in the initial six months of FY26. Concurrently, it successfully narrowed losses by nearly 10% to Rs 38.3 crore. In FY25, Shiprocket’s revenue surged to Rs 1,632 crore, and the company achieved EBITDA cash positivity at Rs 7 crore, a notable improvement from an EBITDA loss of Rs 128 crore in FY24.