Bertelsmann, Temasek, Eternal-backed Shiprocket files updated DRHP for over Rs 2,342-cr IPO

Shiprocket IPO News

Gurugram-based e-commerce enablement platform Shiprocket, which is backed by Bertelsmann, Tribe Capital, Temasek, and Eternal, has filed an updated Draft Red Herring Prospectus (UDRHP) with the SEBI to raise Rs 2,342.3 crore via an initial public offering (IPO).

Shiprocket enables MSMEs to go online, scale their businesses, ship pan-India and globally, manage payments and checkout, handle marketing and customer engagement as well.

The professionally managed company proposed raising Rs 1,100 crore by issuing fresh shares, while investors and others will be offloading up to Rs 1,242.3 crore worth of shares via offer-for-sale, as per the DRHP filed on December 12.

Lightrock, Arvind, Tribe Capital, Bertelsmann, Gautam Kapoor, Saahil Goel, and Vishesh Khurana are among the selling shareholders in the offer-for-sale.

Public shareholders hold 91.52 percent stake in Shiprocket, and the remainder 8.48 percent shares are owned by Shiprocket Employee ESOP Trust. Bertelsmann Nederland is the largest shareholder in the company with a 21.32 percent stake, followed by Tribe Capital (14.14 percent stake), Zomato parent Eternal (6.85 percent), and Temasek Holdings' subsidiary MacRitchie Investments (5.29 percent).

The company approached capital markets in May this year by filing a DRHP via a confidential route. Subsequently, the said IPO papers were approved by the regulator in the last week of October.

The company may consider pre-IPO placement amounting to Rs 220 crore, which is a part of the fresh issue component.

Of the total IPO proceeds, Shiprocket will spend Rs 505 crore for the growth of its platforms and Rs 210 crore for repayment of debt. As of September 2025, its total borrowings were Rs 233.8 crore.

And the remainder funds will be utilised for inorganic growth and general corporate purposes.

Incorporated in 2011, Shiprocket claims to be the largest new-age horizontal e-commerce enablement platform that simplifies e-commerce for merchants who sell directly to end consumers through their own websites, apps, or social media channels, competing with only listed peer Unicommerce Esolutions (the e-commerce SaaS company).

"Consumers today expect an Amazon-like experience, but MSMEs don’t have the volumes, technology, or teams to deliver that on their own. For MSMEs that want to sell online, Shiprocket aggregates logistics, payments, marketing, checkout, analytics, and customer engagement into a single platform. With Shiprocket's platform, a single entrepreneur can access enterprise-grade intelligence, workflows, and consumer experience without building any of it themselves," said a person aware of the company's business model.

"What’s important to understand is that nearly two-thirds of India’s retail still happens through MSMEs. That is the real retail economy of the country, and that’s not going to change. The next big wave of e-commerce growth will come from these small and mid-sized businesses, especially in tier-two and tier-three markets.

Today, the platform powers over $3 billion of gross merchandise value, works with more than 1.5 lakh merchants, and account for roughly 4.5–5 percent of India’s e-commerce transactions. By combining a technology layer, supplier contracts, and an intelligence layer, it allows small businesses to compete with even the largest, best-funded global players.

Beyond its core business of shipping and logistics solutions for e-commerce sellers, the company now also provides several other services such as marketing tools, financial services, cross border dropshipping and various analytics tools.

These emerging businesses been growing at about a 50 percent CAGR over the last three years, the person cited above said, adding that these businesses are now meaningful contributors to overall revenue for the company.

"Last year, emerging businesses contributed roughly ₹200–300 crore to revenue. Within this, marketing tools, insights, and drop-shipping capabilities have scaled very well. For example, the company launched free analytics platforms that help merchants identify trends, categories, and demand patterns before they invest capital.

Marketing too has become a meaningful part of the business over the last six to nine months, and it’s growing much faster than core shipping, he added.

On the cross-border e-commerce side, Shiprocket has integrated with platforms like Etsy, eBay, and Amazon, allowing Indian MSMEs to sell globally without holding inventory overseas. Orders are routed intelligently, picked up locally, and delivered internationally within predictable timelines.

On the financial front, the company has posted a loss of Rs 38.3 crore in the six months ended September 2025, narrowing from a loss of Rs 42.3 crore in the corresponding period last fiscal. Revenue during the same period increased by 15.4 percent to Rs 942.7 crore against Rs 817 crore.

Further, the loss in fiscal 2025 narrowed significantly to Rs 74.4 crore, from a loss of Rs 595.1 crore in the previous year. Revenue soared 24 percent to Rs 1,632 crore, increasing from Rs 1,316 crore in the same period.

The merchant bankers managing the Shiprocket IPO are Axis Capital, BofA Securities India, JM Financial, and Kotak Mahindra Capital Company.