Shiprocket files updated DRHP to raise Rs 1,100 Cr via fresh issue

Logistics and supply chain platform Shiprocket filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), for its Rs 2,342.35 crore initial public offering (IPO).

The Rs 2,342.35 crore IPO includes a fresh issue of equity shares worth Rs 1,100 crore, while existing shareholders and co-founders will offload shares worth Rs 1,242.35 crore through an offer for sale (OFS).

The company filed its draft IPO papers with SEBI in May 2025 via confidential route.

Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a D2C tech enablement platform that helps businesses simplify shipping through courier integrations, real-time tracking, and automated solutions.

According to the UDRHP, the OFS will be led by Lightrock, which plans to sell shares worth Rs 258.49 crore. This will be followed by Arvind Ltd and Tribe Capital, which will offload shares worth Rs 161 crore and Rs 120 crore, respectively. March Capital and Bertelsmann India Investments will also participate in the OFS, cashing out Rs 95 crore and Rs 85.43 crore, respectively. 

Other OFS participants include 500 startups, Agility Global, AFOS Group, Moore Strategic Ventures, Co-founder of boat, Sameer Mehta and others. Notably, Eternal (formerly Zomato) will not participate in the offer for sale (OFS).

The company’s co-founders, Gautam Kapoor and Saahil Goel, will also participate in the OFS, each offloading shares worth Rs 144 crore. Another co-founder, Vishesh Khurana, will sell shares worth Rs 36.93 crore.

Shiprocket will use Rs 505 crore from the IPO proceeds to scale its platforms, allocating Rs 294 crore for marketing and Rs 211 crore to strengthen its technology infrastructure.

The company will allocate Rs 210 crore toward debt repayment, with the remaining proceeds will be used for inorganic growth through acquisitions and general corporate purposes.

The IPO will be managed by Axis Capital, BofA Securities, JM Financial and Kotak, while KFin Technologies will act as registrar.

As of the UDRHP filing date, Bertelsmann India Investments is the company’s largest shareholder with a 21.32% stake, followed by Tribe Capital at 14.14%. Eternal (formerly Zomato) and Temasek hold 6.85% and 5.29% stakes, respectively. Co-founders Saahil Goel and Gautam Kapoor each own 4.84%, while the ESOP pool accounts for 8.48% of the shareholding.

On the financial side, the Gurugram-based company reported 15% YoY rise in its operating revenue to Rs 942.6 crore in the first six months of FY26. At the same time, it narrows losses by nearly 10% to Rs 38.3 crore. 

In FY25, Shiprocket’s revenue grew to Rs 1,632 crore, and the company turned EBITDA cash positive at Rs 7 crore, compared to an EBITDA burn of Rs 128 crore in FY24.