Zomato and Temasek-backed Shiprocket pre-files DRHP with Sebi for IPO

Shiprocket, a fast-growing logistics tech company backed by Zomato and Temasek, has taken its first formal step towards going public by confidentially filing a draft red herring prospectus (DRHP) with Sebi under the regulator’s pre-filing route.

The proposed IPO is expected to be in the range of Rs 2,000 to Rs 2,500 crore, ET reported earlier. This will include a fresh issue component of around Rs 1,000 to Rs 1,200 crore. The remaining will be an offer for sale by existing shareholders. Investment banks Axis Capital, Kotak Mahindra Capital, JM Financial, and Bank of America have been appointed as advisors for the issue.

Shiprocket has opted for Sebi confidential filing mechanism, a route that allows companies to delay public disclosure of sensitive business details until closer to the IPO. This route has previously been used by other high-profile startups such as Boat, PhysicsWallah, and Swiggy.

Founded in 2012, Shiprocket provides end-to-end logistics solutions for over 100,000 direct-to-consumer (D2C) brands and small sellers across India. The company has made its mark in enabling e-commerce shipments, especially in Tier-II and Tier-III cities, which currently account for more than half of its merchant base.

Despite broader ecommerce growth slowing in FY25, Shiprocket clocked an estimated 20–25% growth and turned cash-flow positive, according to one of its investors.

In FY24, it reported operating revenue of Rs 1,316 crore, up 21% from the previous year, though its net loss widened to Rs 595 crore due to the financial impact of integrating multiple acquisitions, including RocketBox, Omuni, and Pickrr.

Shiprocket is now focusing on three strategic areas: digital payments, cross-border shipping, and quick commerce. Under its quick commerce vertical, it is integrating logistics platforms like Porter, Borzo, and Shadowfax to help small and medium businesses access hyperlocal delivery.

It has also begun working with players like Zepto and Swiggy Instamart to manage stock replenishment for dark stores.

Last year, Shiprocket raised Rs 219 crore in a funding extension round at a $1.2 billion valuation, bringing on board new investors like Koch Group, MUFG Bank, Tribe Capital, and Susquehanna, alongside existing backers Temasek, Bertelsmann, PayPal, and Info Edge Ventures.