Business Profile of Shiprocket Limited
Shiprocket is an end-to-end, technology-driven platform that helps Indian MSMEs and large retailers run their e-commerce businesses. Shiprocket was started as a shipping platform and its core business includes domestic shipping services and shipping apps that provide features like instant pickups, order tracking, secure delivery, weight checks, and faster COD payments. In merchant operations includes fulfillment centers, cargo and heavy logistics services, omnichannel commerce through Shiprocket Omuni, international shipping with customs support, advertising and marketing solutions, checkout and payment tools, business loans, hyperlocal deliveries, and other merchant solutions. In the six months ending September 30, 2025, Shiprocket supported over 145,000 active merchants who processed more than 97 million transactions and served over 42 million customers, with a repeat customer rate of 64.56%.
Objective of Shiprocket Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨10.00 each aggregating up to ₹ 11,000.00 million and OFS consists XXXX shares at face value of ₨ 10.00 each aggregating up to 12,423.53 million. There are fresh shares issues and OFS by company and main objective of company is investment in marketing &technology infrastructure, re-payment of outstanding borrowings, acquisitions and general corporate purposes.
Details of Shiprocket Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹10.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 23,423.53 million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 11,000.00 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ 12,423.53 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Shiprocket Limited IPO: Issue Price & Size
The issue price of SHIPROCKET LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ 23,423.53 million at the price of ₨XXXX.
Launch Date of Shiprocket Limited IPO
The IPO opening date of SHIPROCKET LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Shiprocket Limited
| Particulars (Rs in Million) | Ended March 31 , 2025 |
Ended March 31 , 2024 |
Ended March 31 , 2023 |
| Income | |||
| Revenue from Operations | 16,320.12 | 13,159.76 | 10,888.27 |
| Other income | 428.09 | 418.57 | 380.71 |
| Total Income | 16,748.21 | 13,578.33 | 11.268.98 |
| Expenses | |||
| Cost of Merchant Solutions | 12,129.31 | 10,070.37 | 8.344.77 |
| Purchase of traded goods | 79.67 | 55.67 | 41.58 |
| Changes in inventories of traded goods | ( 2.28 ) | ( 2.59 ) | ( 7.79 ) |
| Employee benefits expense | 3,149.16 | 4,307.91 | 3.437.65 |
| Finance cost | 220.69 | 233.14 | 98.28 |
| Depreciation and amortisation expense | 352.20 | 759.78 | 413.86 |
| Other expenses | 1,563.95 | 1,662.07 | 1,899.22 |
| Total Expenses | 17,492.70 | 17,086.35 | 14,227.57 |
| Restated Loss before exceptional items | (744.49) | (3,508.02) | (2.958.59) |
| Exceptional items | . | (2,443.79) | (631.58) |
| Restated Loss before share of loss of an associate and tax | (744.49) | (5,951.81) | (3.590.17) |
| Restated Loss before tax | (744.49) | (5,951.81) | (3.590.17) |
| Tax expense | |||
| Current tax | – | – | – |
| Adjustment of tax relating to earlier periods | – | – | 291 |
| Deferred tax | |||
| Total Tax Expense | – | 2.91 | |
| Restated Loss for the period | ( 744.49 ) | ( 5,951.81 ) | ( 3,593.08 ) |
Key financial ratios of Shiprocket Limited
| Particulars | Unit | 2025 | 2024 | 2023 |
| Revenue from Operations | in million | 16,320.12 | 13.159.76 | 10,888.27 |
| Revenue from Operations – Core Business | in million | 13,059.27 | 10.846.58 | 9,676.26 |
| Revenue from Operations – Emerging Business | in million | 3,260.85 | 2,313.18 | 1.212.01 |
| Loss for the period | in million | (744.49) | (5,951.81) | (3,593.08) |
| Contribution Margin | in million | 3,062.76 | 1,974.31 | 1,499.47 |
| Contribution Margin Core Business | in million | 2,754.09 | 1,940.23 | 1,543.24 |
| Contribution Margin – Emerging Business | in million | 308.67 | 34.08 | (43.77) |
| Contribution Margin | % | 21.09 % | 17.89 % | 15.95 % |
| Adjusted EBITDA | in million | 70.28 | (1,279.56) | (2,084.08) |
| Adjusted EBITDA – Core Business | in million | 1,569.33 | 721.73 | 7.67 |
| Adjusted EBITDA Margin | % | 0.43 % | (9.72 %) | (19.14 %) |
| Power Merchants | Count | 10,005 | 9,020 | 8,190 |
| Power Merchant ARPU | in million | 1.44 | 1.28 | 1.14 |
Promoters & Shareholding Shiprocket Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have no shareholding in company.
| Name of Shareholder | No. of Equity Shares | % of total shareholding |
| Promoters & Promoter Group | – | – |
| Public | 131,907,804 | 70.97 |
| Shares held by employee trust | 53,963,154 | 29.03 |
| Total (A+B) | 185,870,958 | 100.00 |
Should You Subscribe To Shiprocket Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Shiprocket Limited IPO
Profitable and Scalable Core Business
The core business of company has been profitable since Fiscal 2022, demonstrating the ability of platform-based business model to drive growth while maintaining cost efficiency. By structuring their operations around a tech-enabled, asset-light platform, company has been able to scale efficiently while optimizing fixed costs, comprising employee benefits expense and server and communication cost. This gives rise to operating leverage within its Core Business.
Network Effects Driving Merchant Growth
The company introduces more offerings, including shipping, fulfillment, checkout, and marketing solutions, they are able to attract more Merchants to join their platform. The Power Merchant base grew at a CAGR of 10.53% from Fiscal 2023 to Fiscal 2025. Continued growth of Merchant base enables company to collect more data, which enhances the effectiveness and range of offerings through AI-driven data analysis, enabling company to attract a larger base of Merchants.
Diversified Merchant Base
The large and diversified Merchant base of company spanning businesses of all sizes across diverse product categories, from traditional offline-first brands to digital-first brands to mid-size brands and emerging sellers. The platform-driven approach allows serving businesses across diverse product categories such as beauty and personal care, apparel and footwear, home décor, and electronics, with industry-specific solutions tailored to enhance Merchant operations. Engage 360, company remarketing tool, enables brands to retarget end consumers for recurring purchases.
AI, Data and Automation-Driven Platform
The company has deployed AI and machine learning (“ML”) models across multiple functions, allowing Merchants to optimize their operations with predictive analytics and automated decision-making. AI-powered RTO prediction models help reduce RTO rates by identifying high-risk orders before dispatch. The intelligent logistics provider allocation system recommends optimal shipping partners based on delivery timelines, cost efficiency, and past performance data. This infrastructure is designed to support large-scale operations with high stability, scalability, and security standards.
Risk Factors of Shiprocket Limited IPO
Weak Earnings Risk
The company had Restated Loss for the period/year of ₹383.23 million, ₹423.07 million, ₹744.49 million, ₹5,951.81 million and ₹3,593.08 million for the six months periods ended September 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023, respectively. If company is unable to generate adequate revenue growth and manage expenses, they may continue to incur significant losses.
Reliance on External Partners
The company not has exclusive arrangements with logistics partners including couriers, suppliers and cargo partners, and they may prioritize the provision of services to its competitors, refuse to renew their contracts with company, or expand their offerings to provide the services they offer. Any of the foregoing could have an adverse effect on company business, financial condition, cash flows and results of operations.
Heavy Reliance on Core Operations
The Core Business segment comprises Domestic Shipping business, which streamlines e-commerce shipping within India by connecting Merchants with a network of logistics providers to deliver their package to end consumers within India. The revenue as a % of core operation amounted to 74.78%, 80.85%, 80.02%, 82.42% and 88.87% in the six months periods ended September 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023, respectively. Any disruption in Core Business offerings could adversely affect business & financial condition.
Merchant Churn May Impact Profitability
The company has historically experienced merchant turnover as a large number of their merchants are MSMEs which are more susceptible than larger businesses to general economic conditions and other risks affecting their businesses. Many of merchants are in the entrepreneurial stage of their development. If company merchants are unable to sustain their businesses, they will discontinue the use of offerings, resulting in a loss of revenue.
Shiprocket Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the SHIPROCKET LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
