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New-age logistics startup Shiprocket, backed by major investors including Zomato and Temasek, is gearing up to go public. The Gurugram-based company is expected to file its IPO papers confidentially with the Securities and Exchange Board of India (SEBI) this week, sources told The Economic Times.
The planned issue size is estimated between ₹2,000 crore and ₹2,500 crore, with a fresh issue component of ₹1,000–₹1,200 crore. The confidential filing process allows companies to keep financials and IPO-related disclosures private until a later stage, an increasingly popular route for startups.
Shiprocket joins the likes of PhysicsWallah, Boat, and Urban Company, all of whom have leveraged SEBI’s confidential filing mechanism to maintain strategic flexibility ahead of their listings. In fact, last month, Urban Company filed its DRHP for a ₹1,900-crore IPO.
Other well-known consumer internet firms such as Flipkart, PhonePe, Shadowfax, Captain Fresh, Bluestone, and Infra Market are at various stages of their IPO plans. Bluestone has already received SEBI’s approval.
Shiprocket has onboarded Axis Capital, Kotak Mahindra Capital, JM Financial, and Bank of America as lead managers for the public offering.
As per the news report, the company recorded 20–25% growth in FY25, outpacing broader e-commerce industry growth which stayed in the single digits. It also turned cash-flow positive in the current fiscal year, a notable improvement from FY24 when its net loss widened to ₹595 crore, largely due to acquisition-related expenses.
Despite the loss, revenue rose 21% to ₹1,316 crore in FY24, underlining strong operational momentum.
Founded in 2012, Shiprocket primarily serves direct-to-consumer (D2C) brands and small sellers, which account for 70–80% of its revenue. Recent strategic acquisitions include:
These integrations have expanded Shiprocket's reach across verticals and bolstered its logistics infrastructure.
Going forward, Shiprocket is sharpening its focus on:
Under its quick commerce vertical, Shiprocket aggregates hyperlocal delivery players such as Porter, Borzo, and Shadowfax to support real-time inventory replenishment for merchants. The company has also started working with Swiggy Instamart and Zepto to support D2C brands in stocking dark stores and warehouses.
Shiprocket raised $26 million (₹219 crore) in December 2024 at a $1.2 billion valuation, attracting participation from:
Other notable backers include Temasek, Bertelsmann India, PayPal, Lightrock, March Capital, and Info Edge Ventures.
Read More: Belrise Industries IPO Set to Open from May 21: All You Need to Know.
Shiprocket’s confidential filing marks a significant step in its transition from a high-growth logistics startup to a publicly listed tech-driven enabler of e-commerce. With strong backing, strategic acquisitions, and a solid focus on high-growth segments like quick commerce and cross-border trade, the IPO could test investor appetite for digital-first logistics infrastructure in India’s rapidly evolving e-commerce landscape.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: May 20, 2025, 9:58 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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