Shiprocket is expected to launch its IPO within the next one to two weeks at a valuation of around ₹7,000 Cr, about 30% below its last private market valuation
The IPO will offer another gauge of how public markets are valuing India's startup unicorns, with Shiprocket seeking a meaningful discount to its last funding round despite improving financial performance
The ecommerce enablement startup plans to raise ₹1,100 Cr through a fresh issue, while existing investors and cofounders will sell shares worth up to ₹1,242.3 Cr via an OFS, according to the UDRHP
Ecommerce enablement startup shiprocket
is expected to launch its IPO within the next one or two weeks at a valuation of ₹7,000 Cr (about ₹735.5 Mn).
According to an ET report, the startup is expected to file updated IPO papers with its latest financials before opening the issue. Shiprocket declined to comment on Inc42’s queries regarding the development.
The reported valuation is about 30% lower than the nearly ₹10,000 Cr valuation Shiprocket commanded during its last equity funding round in December 2024, when it raised about ₹214 Cr from investors including Koch Group, MUFG Bank, Tribe Capital, Susquehanna International Group and Huddle Ventures.
The startup entered the unicorn club in 2022 after raising $33.5 Mn in a funding round led by Lightrock India. To date, it has raised about $400 Mn in equity funding from investors including Eternal, MacRitchie Investments and March Capital.
Shiprocket filed its updated DRHP with SEBI in December last year for a ₹2,342.3 Cr IPO. The public issue will comprise a fresh issue of equity shares worth up to ₹1,100 Cr and an offer-for-sale (OFS) of up to ₹1,242.3 Cr, according to the UDRHP.
Cofounders Gautam Kapoor, Saahil Goel and Vishesh Khurana, along with investors including LR India Fund I, Arvind Ltd, Tribe Capital III, MCP3 SPV LLC and Bertelsmann Nederland B.V., will offload shares through the OFS.
Founded in 2017 by Kapoor, Goel, Khurana and Akshay Ghulati, Shiprocket provides logistics and ecommerce enablement solutions for online sellers by integrating with courier partners such as Delhivery, FedEx, Aramex, Xpressbees, DTDC and Shadowfax. Over the years, it has expanded into cross-border shipping, payments, marketing tools, omnichannel commerce and merchant credit.
Of the fresh issue proceeds, ₹505 Cr will be invested in strengthening Shiprocket’s core and emerging businesses, including ₹294 Cr for marketing initiatives and ₹211 Cr for technology infrastructure. The startup also plans to use ₹210 Cr to repay debt, with the remaining proceeds earmarked for potential acquisitions and general corporate purposes.
On the financial front, Shiprocket’s net loss reduced 9.5% to ₹38.3 Cr in the first half of FY26 from ₹42.3 Cr in the year-ago period. Operating revenue rose 15.4% to ₹942.7 Cr from ₹817 Cr in H1 FY25.
For the full FY25, the company managed to narrow its net loss by 88% to ₹74.5 Cr from ₹595.2 Cr in the previous year. Its operating revenue grew 24% to ₹1,632 Cr from ₹1,316 Cr in FY24.
Source: Inc42 - Startups
