Axis Capital Ltd.
BOFA Securities India Ltd.
JM Financial Ltd.
Kotak Mahindra Capital Co.Ltd.

Incorporated in 2011, Shiprocket is India’s premier tech-enabled e-commerce enablement platform, serving micro, small, and medium enterprises (MSMEs), direct-to-consumer (D2C) brands, and enterprise retailers across online and offline channels. According to the Redseer Report, Shiprocket established itself as India’s largest new-age, end-to-end e-commerce enablement platform by revenue in FY25. Originally launched as a digital shipping platform, the company’s core architecture provides domestic logistics along with a proprietary software suite featuring automated pickups, real-time tracking, secure delivery workflows, weight verification mechanisms, and accelerated cash-on-delivery (COD) remitting.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• It has profitable and scalable Core Business with Operating Leverage;
• Expanding platform network effects driving merchant growth and service adoption;
• Leveraging scale to optimize our business performance;
• Self-serve platform offering enterprise-grade experience drawing organic traffic;
• Diversified merchant base minimizing revenue concentration risk;
• Full transaction accountability enhancing merchant trust and retention;
• AI, data and automation-driven platform for operational efficiency;
• Modular and open platform enabling rapid expansion;
• Experienced leadership team and strong corporate governance.
• Multi-Vertical Expansion & Service Portfolio – It has scaled beyond traditional shipping logistics into a full-stack commerce infrastructure provider across diverse business segments. Its comprehensive offering includes:

The Company IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Investment in the growth of Shiprocket’s platforms-Investment in marketing initiatives primarily for Emerging Business and for Core Business (365.60 Cr)
• Investment in marketing initiatives primarily for the Emerging Business and for our Core Business ( 205.80 Cr)
• Investment in technology infrastructure and capabilities primarily for the Emerging Business and for our Core Business (159.80 Cr)
• Repayment / prepayment, in full or in part, of certain borrowings availed of by the Company including payment of the interest accrued thereon (210 Cr)
• Funding inorganic growth through unidentified acquisitions and general corporate purposes

At the upper band of IPO ₹ 97, the stock is valued at (77.6) P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.