Shiprocket Pre-Files Draft Red Herring Prospectus for IPO

Shiprocket, a logistics and supply chain platform, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) and the stock exchange, as reported in a recent newspaper advertisement. The advertisement also clarified that the submission of the DRHP does not confirm that the company will move forward with the initial public offering (IPO).

Funding Objectives for Shiprocket’s IPO

The New Delhi-based company aims to generate between Rs 2,000 and 2,400 crore through its initial public offering. This will consist of a primary issue between Rs 1,000 and 1,200 crore, complemented by an offer for sale (OFS).

Investment Banking Partners

Reports indicate that Shiprocket has engaged Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment banking partners for the IPO process.

Transition to a Public Company

Earlier this year, this firm, backed by Temasek, made the transition to a public company, which marks a critical phase in its journey towards an IPO. This development was first highlighted by the startup Superb.

Shiprocket’s Background

Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket operates as a logistics and supply chain platform that simplifies shipping for businesses through courier integration, real-time tracking, and automated solutions.

Financial Overview and Valuation

To date, Shiprocket has successfully raised over $320 million and currently holds a valuation of $1.21 billion. As per various sources on startup data intelligence platforms, the largest external stakeholder is Bertelsmann Nederland B.V., followed by Tribe. Noteworthy investors include Zomato, Temasek, LightRock, and PayPal.

Revenue and Losses

For the fiscal year ending March 2024, Shiprocket reported a year-on-year revenue increase of 21%, reaching Rs 1,316 crore. However, the company’s losses amounted to Rs 595 crore during the same timeframe.

Market Competition

Shiprocket competes with various players in the market, including Unicommerce, which has recently acquired Shipway, as well as other competitors such as Shipyar.