Top e-commerce enablement platform and logistics-tech unicorn Shiprocket, which is backed by the likes of Zomato and Temasek has kicked off the process to launch an initial public offer in 2025, multiple industry sources in the know told Moneycontrol.
In a kick-off meeting, the issuer firm discusses key plans and the roadmap for the IPO along with the roles and responsibilities for the advisors who are brought together.
"Work on the deal has begun. These are early days and the size and structure has not been finalised, but the plan as of now is to raise between Rs 2,000-Rs 2,500 crore. There are many investors and the issue is expected to primarily consist of an OFS or offer for sale, with a fresh issue component as well if required ," said one of the persons above.
Two other persons confirmed the deal kick off and one of them added, "Axis Capital, Kotak Mahindra Capital, JM Financial and BofA Securities are the investment banks acting on the issue."
All the three persons above spoke on the condition of anonymity.
An email query has been sent but Moneycontrol could not elicit an immediate comment from Shiprocket. The banks couldn't be reached for an immediate response as well. This article will be updated as soon as we hear from the parties.
Over and above Zomato and Temasek, Shiprocket also counts Info Edge Ventures, PayPal, Bertelsman India Investments, Lightrock and March Capital as key investors, as per its website.
Additionally, earlier this month, CCI gave it's nod to Japan's MUFG Bank and US-based venture firm KDT Venture Holdings to acquire minority stakes in the firm.
Also read: Zomato-backed Shiprocket wants to move higher in e-commerce value chain
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 mn.
According to a report by CNBC-TV 18 dated October 23, for fiscal 2023-2024, Shiprocket said its revenue grew 21 per cent year-on-year to Rs 1,316 crore. The company reported a net loss of Rs 595 crore, primarily due to one-time restructuring costs of RS 244 crore and substantial ESOP issuances worth Rs 192 crore.
"The company highlighted its strategic focus on profitability, revealing that the first two quarters of the current fiscal year are already profitable, " the CNBC-TV18 report said.
It added that the firm had reduced its cash Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) burn by about 50 per cent, down from Rs 191 crore in FY23 to Rs 100 crore in FY24.
A closer look at Shiprocket
Shiprocket was founded by Saahil Goel and Gautam Kapoor in January 2012.
According to its Linkedin page, the firm, which is creating an operating system for direct commerce, enables shipping, fulfillment, customer communication and marketing tools as well as providers for 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 $2.5B annually, the Linkedin page adds. It delivers packets to more than 70 million consumers annually and is growing transactions 2.5-3X year on year.
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