Highlights
| Issue Size –: 16,67,61,566 shares | Issue Open/Close – 12 Aug / 14 Aug, 2026 |
| Price Band (Rs.) 92-97 | Issue Size (Rs.) – 16,176 mn |
| Face Value (Rs) 10 | Lot Size (shares) – 154 |
Shiprocket Limited (SRL) is incorporated in 2011, is an Indian e-commerce enablement company. It provides technology-driven solutions that help micro, small and medium enterprises (MSMEs), direct-to-consumer (D2C) brands, and large retailers manage and grow their online and offline businesses. Shiprocket was India’s largest new-age end-to-end e-commerce enablement platform.
The company initially started as a shipping platform. Its core services include domestic shipping and shipping software that offer features such as instant pickups, order tracking, secure delivery, weight verification, and faster cash-on-delivery (COD) payment settlements. They also offers fulfilment centres, cargo and heavy logistics, customs support, checkout and payment solutions, business loans, hyperlocal delivery and other merchant services.
The company has expanded beyond shipping into cargo and fulfilment, cross-border shipping, advertising and marketing, omnichannel commerce through Shiprocket Omuni and merchant-focused solutions. Its international shipping network connects India with the USA, UK, Canada, Europe and Singapore, and it served customers in 146 countries.
Out of the total proceeds of Rs. 16,176 mn, Rs. 2,058 mn and Rs. 1,598 mn would be go towards investment in marketing initiatives and technology infrastructure & capabilities primarily for the Emerging Business and for the Core Business respectively, Rs. 2,100 mn would go towards repayment / prepayment, in full or in part, of certain borrowings availed of by the Company including payment of the interest accrued thereon, and remaining Rs. 3,100 mn would go towards funding inorganic growth through unidentified acquisitions and general corporate purposes. Additionally, Rs. 7,320 mn going towards promoter selling shareholders of the company.
Key Highlights
- India’s B2C e-commerce market represents a Rs. 10-11 tn opportunity, spanning online & offline domestic commerce and cross-border merchandise retail in CY25. Among them, Direct Commerce has GMV of Rs. 740-914 bn in CY25 and is expected to grow at a 20-25 pct CAGR through CY30, representing 10-12 pct of online retail. Cross-border merchandise retail represents the largest share of the market opportunity at ~Rs. 6 tn and is expected to grow at a 14-20 pct CAGR from CY25-30.
- SRL operates under a full-responsibility model, serving as the single point of ownership for the entire post-order journey, including fulfilment, payments, logistics issues, operational lapses, financial losses, reconciliations and dispute resolution. This provides Merchants with a one-stop solution to manage their post-order operations, allowing them to focus on growing their businesses.
- SRL’s platform served 214,769 Active Merchants and 69.58 mn end consumers in FY26, processing 202.08 mn unique transactions with a 57.78 pct repeat rate. From October 2016 to March 2026, the platform processed over 730 mn unique transactions and served more than 155 mn end consumers across 19,000+ pin codes, adding 29.38 mn new end consumers in FY26.
- SRL leverages scalable, ISO-certified technology and AI/ML across onboarding, address intelligence, order and shipping optimization, NDR management, support and fraud detection, while AI powered tools Shiprocket Co-Pilot and Engage360 use predictive analytics and real-time insights to improve efficiency, reduce RTOs, enhance customer engagement and drive merchant growth.
- SRL’s asset-light, platform-based model enables scalable growth with lower capital requirements, while its usage-based pricing structure aligns revenue generation with shipments, transactions and order value processed on the platform, supporting operating efficiency and scalability.
- SRL’s key growth strategies include (i) To retain and grow merchant base, (ii) continuously expand product offerings and drive cross-sales (iii) invest in emerging business to unlock growth for merchants’ businesses and expand TAM (iv) continue investing in data and AI and launching intelligent products
- The sales of the company have grown by 24.02 pct CAGR over FY24-26 and EBITDA has transitioned from negative to positive. Profit continues to remain in loss, but has reduced significantly from FY24 levels. In FY26, the company reported sales of Rs. 20,241 mn up 24.02 pct YoY. EBITDA of the company increased 152.86 pct YoY to Rs. 177 mn. In FY26, the company posted a loss of Rs. 793 mn, up 6.44 pct YoY.
Key Risk
- The Company does not have exclusive arrangements with its logistics partners, including couriers, suppliers and cargo partners. Any prioritization of services to competitors, non-renewal of contracts, or expansion of offerings by these partners to compete with the company may adversely affect its business.
- SRL’s results depend heavily on its core business. Any decline in Merchants using its domestic shipping services, including direct partnerships with logistics providers, could adversely impact earnings and growth opportunities.
- SRL has incurred significant losses despite revenue growth, failure to increase revenue sufficiently to keep pace with investments and other expenses efficiently could delay profitability.
Financial Performance
| Particulars (Rs. mn) | FY24 | FY25 | FY26 | CAGR | YoY |
| Sales | 13,160 | 16,320 | 20,241 | 24.02% | 24.03% |
| EBITDA | (1,280) | 70 | 177 | NA | 152.86% |
| EBITDA Margin % | (9.72)% | 0.43% | 0.87% | ||
| Profit/loss | (5,952) | (745) | (793) | NA | 6.44% |
| Profit/loss Margin % | (45.23)% | (4.57)% | (3.92)% |
Source: – RHP.
Peer Comparison based on FY26 Financials.
| Particulars (Rs. mn) | Shiprocket | Unicommerce eSolutions | Global-E Online | BigCommerce Holdings |
| Sales | 20,241 | 2,043 | 89,123 | 30,173 |
| EBITDA | 177 | 439 | 18,890 | 3,191 |
| EBITDA Margin % | 0.87% | 21.48% | 21.20% | 10.58% |
| Profit | (793) | 205 | 10,134 | (1,328) |
| Profit Margin % | (3.92)% | 10.01% | 11.37% | (4.40)% |
Source: – RHP.
Valuation
Shiprocket is an end-to-end, new-age, merchant-first, and API-led technology platform designed to enable e-commerce transactions for India’s MSMEs and Large Retailers. Their platform simplifies logistics, checkout, payments, fulfilment and cross-border trade, enabling Merchants to sell online and offline efficiently and at scale. At the upper end of the price band of Rs. 97, the issue is priced at an EV/Sales of 3.1x its FY26 post issue capital. The issue appears to be fully priced.
Disclaimer: The views shared in blogs are based on personal opinions and do not reflect the company’s views. Investment involves risk, and it is advisable to consult a financial advisor before making any investment through the app. The decision to invest is solely that of the investor, and the company or its communication cannot be held responsible for it.
