IPO closes on 14 Aug'26
Shiprocket Limited
Minimum Investment
₹ 14,938 / 154 shares
Our Verdict:
Neutral
- Shiprocket is India's largest new-age e-commerce enablement platform (per Redseer, FY25 revenue) for MSMEs, D2C brands and retailers; revenue grew from ₹1,315.98 crore (FY24) to ₹2,024.14 crore (FY26), a ~24% CAGR, while net losses narrowed sharply from ₹595.18 crore (FY24) to ₹79.25 crore (FY26) — though the loss ticked up slightly from ₹74.45 crore in FY25.
- The Core shipping business is 73.4% of FY26 revenue (17% CAGR) while faster-growing Emerging businesses (fulfilment, checkout/payments, cross-border, quick delivery) are 26.6% of revenue (52.6% CAGR); consolidated adjusted EBITDA margin improved from -9.7% (FY24) to +0.9% (FY26).
- No promoter — the Company is professionally managed, and roughly 45% of the issue (₹732 crore) is Offer for Sale by existing institutional investors; merchant solution costs made up 69.39% of FY26 total expenses, with the top 10 vendors contributing 55.24% of those costs, a real dependency worth watching.
- Consistent ~24% revenue growth and a sharp narrowing of losses since FY24 make a reasonable turnaround case, and the post-issue valuation (~3.1–3.6x FY26 EV/Sales) looks less demanding than some peers, but the Company remains loss-making with the FY26 loss ticking up rather than continuing to shrink, and vendor dependency plus a recent co-founder departure are worth watching before assuming the profitability trend is fully secure.
About the company
Founded in
31 Jan'11
Managing director
Saahil Goel
- Shiprocket is a technology-driven e-commerce enablement platform that helps MSMEs, D2C brands and large retailers manage shipping, fulfilment, payments, checkout, customer engagement and cross-border commerce through a single integrated platform; per the Redseer Report, it was India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25.
- The Core Business (domestic shipping and shipping software) contributed 73.4% of FY26 revenue and grew at a 17% CAGR, while Emerging Businesses (fulfilment, checkout & payments, cross-border shipping, same-day delivery and omnichannel commerce) contributed 26.6% of FY26 revenue and grew at a faster 52.6% CAGR.
- The Company served customers across 146 countries in FY26 through its cross-border offering and operates a merchant-first, API-led technology platform; it competes with digital e-commerce enablers, courier companies and marketplaces domestically, and platforms such as Shopify and BigCommerce internationally.
- The Company has no identifiable promoter under SEBI regulations; the key entrepreneurial team includes Managing Director & CEO Saahil Goel and Executive Director & COO Gautam Kapoor, with institutional backing from Bertelsmann Nederland B.V., Tribe Capital, Eternal (formerly Zomato), Macritchie Investments and KDT Venture Holdings.
STRENGTHS
- Category Leadership: India's largest new-age end-to-end e-commerce enablement platform by revenue in FY25, per the Redseer Report commissioned for the offer.
- Revenue Growth: Revenue from operations grew from ₹1,315.98 crore (FY24) to ₹2,024.14 crore (FY26), a ~24% CAGR.
- Narrowing Losses and Improving Margins: Net loss narrowed from ₹595.18 crore (FY24) to ₹79.25 crore (FY26); consolidated adjusted EBITDA margin improved from -9.7% to +0.9% over the same period, with the core business’s adjusted EBITDA margin expanding from 6.7% to 12.6%.
- Diversified Platform Beyond Core Shipping: Revenue also comes from fulfilment, checkout and payments, cross-border shipping (Shiprocket X), same-day delivery (Shiprocket Quick) and omnichannel commerce (Shiprocket Omuni), with these Emerging Businesses growing faster (52.6% CAGR) than the core shipping business.
- Institutional Investor Backing: Backed by Bertelsmann Nederland B.V., Tribe Capital, Eternal (formerly Zomato), Temasek-backed Macritchie Investments and KDT Venture Holdings ahead of the IPO.
RISK FACTORS
- Continued Losses: The Company has reported net losses in each of FY24, FY25 and FY26, with the FY26 loss (₹79.25 crore) higher than FY25’s (₹74.45 crore); conventional metrics such as P/E are not meaningful at this stage.
- Vendor and Courier Dependency: Merchant solution costs made up 69.39% of total expenses in FY26, and the top 10 vendors contributed 55.24% of these costs, making the business sensitive to vendor pricing and availability.
- No Identifiable Promoter: The Company has no promoter under SEBI’s definition and is run by a professional management team; co-founder Vishesh Khurana ceased to be an employee effective May 31, 2026.
- OFS-Heavy Structure: Of the ₹1,617.48 crore issue, ₹731.98 crore (about 45%) is Offer for Sale by existing institutional shareholders, including the largest selling shareholder, LR India Fund I S.a.r.l. SICAV-RAIF.
Financials
All Values are in Cr.
Issue details
Issue type
Main Board
Issue size
₹ ₹1,617.48 crore
Fresh Issue
₹ ₹885.50 crore
OFS
₹ ₹731.98 crore
Price range
₹ 92 - 97
Lot size
154 shares
Issue Objective
Net Proceeds from the Fresh Issue (₹885.50 crore) are proposed to be used for platform and technology expansion, marketing initiatives, repayment/prepayment of certain borrowings, and general corporate purposes; the Company will not receive any proceeds from the ₹731.98 crore Offer for Sale.
Dates
Bidding open
12 Aug'26
Bidding close
14 Aug'26
Allotment date
17 Aug'26
Refund date
18 Aug'26
Listing
19 Aug'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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