Shiprocket

Mainboard · NSE expected

Price Band

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Issue Size

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1 lot at upper band

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Lot Size

154

Open

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Allotment

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Listing

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Scheduled dates

Refund

18 Aug 2026
Demat credit

18 Aug 2026

GMP Trend*

Daily grey market premium (₹). Unofficial.

No GMP trend data available.

Subscription (times)

Latest per-category subscription.

Bidding hasn't opened yet — subscription starts once the issue opens.

About Shiprocket

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. The company simplifies logistics, checkout, payments, fulfilment, and cross-border trade, enabling merchants to sell online and offline efficiently and at scale. According to the Redseer Report, the company is the largest new-age end-to-end horizontal e-commerce enablement platform registered in India in Fiscal 2025.

www.shiprocket.in ↗

Strengths

Largest New-Age E-commerce Enablement Platform

The company is the largest new-age end-to-end horizontal e-commerce enablement platform registered in India in terms of revenue from operations in Fiscal 2025, with the largest Merchant base amongst similar platforms.
Profitable and Scalable Core Business

The Core Business has been profitable since Fiscal 2022, with Revenue from Operations - Core Business increasing by a CAGR of 16.17% from Fiscal 2023 to Fiscal 2025, demonstrating operating leverage.
Asset-Light Business Model

The company operates with lower capital investment and higher flexibility without owning delivery fleets or fulfilment centres, with Gross Additions to Property, Plant and Equipment as only 0.78% of Revenue from Operations in six months ended September 30, 2025.
Self-Serve Platform with High Automation

96.92% of merchant onboarding was completed without any intervention from support team for the Core Business in six months ended September 30, 2025, with 62.57% First Call Resolution Rate.
Diversified Merchant Base

The company served 145,269 Active Merchants in six months ended September 30, 2025, with top 1, 5, and 20 Merchants contributing only 3.12%, 7.76%, and 17.22% of Revenue from Operations respectively, minimizing concentration risk.
Advanced AI and Data Intelligence

The platform leverages data from more than 140 million end consumers and 620 million unique transactions, with AI-powered RTO prediction achieving 82.59% accuracy and checkout platform pre-filling 92.38% of shipping addresses.
Comprehensive Ecosystem Network

The company operates with more than 250 ecosystem partners from April 2021 to September 2025, providing Merchants access to logistics providers, payment gateways, and other services through a single platform.
Strong Network Effects and Cross-selling

52.27% of Power Merchants used more than three products across Core and Emerging Businesses in six months ended September 30, 2025, with 64.56% repeat rate for end consumers on the platform.

Risk Factors

Significant Operating Losses and Continued Loss-Making Operations

The company had restated losses 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 the company is unable to generate adequate revenue growth and manage expenses, it may continue to incur significant losses.
Failed Acquisitions and Substantial Impairment Charges

The company may be unsuccessful in making, integrating and maintaining acquisitions and strategic investments. Failure to realize economic benefits resulted in substantial impairment charges, including ₹1,246.41 million for Shiprocket Omuni and ₹521.01 million for Swiftly in Fiscal 2024.
Dependence on Merchant Performance and Transaction Volumes

The company's results are significantly impacted by operational results and business decisions of merchants, web traffic they generate, and ability to attract merchants through online channels. Fluctuations in merchant sales directly affect the company's revenue as it operates on a consumption-based model.
Non-Exclusive Logistics Partner Relationships

The company does not have exclusive arrangements with its 42 active courier partners as of September 30, 2025, and they may prioritize services to competitors, refuse to renew contracts, or expand offerings to compete directly. The top 5 courier partners contribute 85.75% of total shipment volumes.
Heavy Dependence on Third-Party Vendors and Cost Structure

The company relies on various third-party vendors with Cost of Merchant Solutions contributing 69.06%, 69.40%, 69.34%, 58.94% and 58.65% of Total Expenses in the six months periods ended September 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023, respectively. Any deterioration in vendor relationships could adversely affect operations.
Core Business Revenue Concentration Risk

The company's Core Business segment comprises 74.78% of Revenue from Operations in the six months period ended September 30, 2025. Any disruption in Core Business offerings, which include Domestic Shipping services, could adversely affect the company's financial condition and results of operations.
Negative Operating Cash Flows in Recent Years

The company had negative cash flows from operations of ₹2,159.92 million and ₹1,379.57 million in Fiscals 2024 and 2023, respectively, primarily due to acquisition-related expenses and investments in scaling the Emerging Business segment. While recent periods showed positive cash flows, there's no assurance this will continue.
Cybersecurity and Data Protection Vulnerabilities

The company stores personally identifiable information and confidential data belonging to merchants and end consumers. Any cyberattacks, data breaches, or security incidents could interrupt operations, expose the company to significant liability, and adversely affect reputation and business operations.
Technology Platform Reliability and Software Defects

Software errors, interruptions, failures, bugs, defects, or outages of the technology platform could impair the company's ability to effectively provide offerings. The platform's multitenant cloud-based system means any errors deployed simultaneously to all merchants could have severe consequences.
Substantial Borrowings and Debt Service Obligations

The company had Total Borrowings of ₹2,337.85 million as of September 30, 2025. If the company is unable to comply with repayment and other covenants in future financing agreements, its business, financial condition and cash flows could be adversely affected.

Objects of the Issue

Investment in the growth of Shiprocket's platforms primarily for Emerging Business and Core Business
The company proposes to invest in marketing initiatives and technology infrastructure and capabilities to accelerate growth of both Core Business and Emerging Business segments. This includes performance marketing, digital marketing, brand campaigns, recruitment of marketing personnel, server infrastructure, cloud services, and hiring technology professionals.

505.00 crores
Repayment/prepayment of certain borrowings including accrued interest
The company intends to repay or prepay certain borrowings in full or in part, including overdraft facilities from banks. This will help reduce outstanding indebtedness, debt servicing costs, and improve ability to raise future resources for business development opportunities.

210.00 crores
Funding inorganic growth through unidentified acquisitions and general corporate purposes
The company proposes to utilize funds for potential acquisitions that complement existing offerings, unlock new addressable markets, or have strong unit economics. General corporate purposes include rental expenses, consultant fees, vendor services, employee expenses, insurance, and other ordinary business activities.

Financial Snapshot

Annual values as reported in the offer document.

Year end	Revenue	Rev. growth	Profit	Profit growth	Assets	Equity	Operating cash flow
31/03/2025	1674.82	+23.3%	-74.45	—	2308.62	1491.25	1.90
31/03/2024	1357.83	+20.5%	-595.18	—	2051.22	1286.18	-215.99
31/03/2023	1126.90	—	-359.31	—	2386.78	1706.66	-137.96

Units: crores

Issue Details

Face Value: ₹10
P/E: -24.19
ROCE: -3.00%
Shares / Lot: 154
Minimum Bid: 154 shares
Refund: 18 Aug 2026
Credit to Demat: 18 Aug 2026
ISIN: INE0FOO01011
CIN: U72900DL2011PLC225614
Registrar: Kfin Technologies Ltd.
Lead Managers: Axis Capital Ltd.
Registered Office: Plot No. B, Khasra No. 360 Sultanpur, New Delhi – 110 030, India

RHP ↗DRHP ↗

Management

Saahil GoelCEO

Gautam KapoorCOO

Kumar TanmayCFO

Deepa KapoorDirector

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.