Logistics unicorn Shiprocket has pre-filed its draft red herring prospectus (DRHP) with the capital market regulator Sebi under the confidential route, as per a newspaper advertisement by the company on May 21.
The Zomato and Temasek-backed company is looking to raise between Rs 2,000-2,400 crore via its initial public offering (IPO). The issue is expected to primarily consist of an OFS or offer for sale, with a fresh issue component as well, if required, Moneycontrol had reported in December 2024.
The company had selected Axis Capital, Kotak Mahindra Capital, JM Financial and BofA Securities as the investment banks acting on the issue.
Email queries sent to Shiprocket did not elicit an immediate response.
In preparation of its IPO this year, Shiprocket’s board had approved a resolution to change its status to a public company in January, as per regulatory filings.
Aside of Zomato and Temasek, Shiprocket also counts Info Edge Ventures, PayPal, Bertelsman India Investments, Lightrock and March Capital as key investors, as per its website.
Shiprocket last raised Rs 90.7 crore or $11 million in an extended Series E round from McKinsey in October 2023. Since then, there have been reports of fresh funding discussions which haven't been formally announced or disclosed by the firm.
In Jun 2022, Shiprocket, which has group companies in Singapore, Dubai and USA, acquired logistics tech startup Pickrr Technologies for around $200 million.
The company’s operating revenue grew 21 percent year-on-year (YoY) to Rs 1,316 crore in the financial year 2023-24 (FY24), from Rs 1,089 crore the previous year. Shiprocket’s net loss, meanwhile rose to Rs 595 crore last fiscal, from Rs 341 crore in FY23.
Shiprocket was founded by Saahil Goel and Gautam Kapoor in January 2012.
The firm claims it is creating an ‘operating system for direct commerce’ to enable shipping, fulfillment and marketing tools as well as caters to SMEs, D2C retailers, and social commerce retailers in India.
With 25+ courier partners on board, Shiprocket can execute pan-India as well as international shipping deliveries and it's shipping solutions are available across 24,000+ pin codes within India and 220 countries worldwide.
The firm also provides a technology stack to help retailers integrate their shopping websites on Shopify, Magento, Woocommerce, Zoho, or others with the platform’s multi-carrier API to manage orders, print shipping labels, and avail tracking information from multiple providers including managing Cash on Delivery (COD) orders and payment reconciliation. It also offers state-of-the-art fulfilment solutions with more than 35+ warehouses located across India.
The platform is behind 2.5 lakh plus sellers who generate a GMV (Gross Merchandise Value) of more than $2.5 billion annually. It delivers packets to more than 70 million consumers annually and is growing transactions 2.5-3x year on year.
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