A major player in India’s logistics industry, Shiprocket, recently went public. This change is significant since it paves the way for the company’s much-anticipated IPO in 2025–2026. They formally changed their name from Shiprocket Private Limited to Shiprocket Limited after a special resolution from the board and shareholders prompted the change.
The formalities were wrapped up during a general meeting on 18 January 2025. With this milestone, Shiprocket inches closer to joining the ranks of other Indian startups—Lenskart, Zetwerk, PhysicsWallah, and Ather Energy—that are gearing up for their stock market debuts.
Key Funding Milestones and Unicorn Status
This structural shift follows a strong financial foundation laid over the past few years. In December 2024, Shiprocket raised INR 26 million (approximately INR 219 crore) during its Series E funding round, led by US-based KDT Ventures. Notable participants included Tribe Capital, MUFG Bank, SAI Global, and Huddle Ventures. The investment reaffirmed Shiprocket’s unicorn status, estimating its worth at USD 1.21 billion (~INR 10,470 crore), a milestone it initially attained in 2022.
Since its inception, Shiprocket has raised over USD 320 million (~INR 2,770 crore) from a roster of well-known investors such as Zomato, Temasek, PayPal, and Bertelsmann Nederland B.V., the latter being its largest external stakeholder.
IPO Expectations and Financial Overview
Shiprocket IPO is expected to raise between INR 2,000 to 2,500 crore through a mix of primary issuance and an offer for sale (OFS). For the management of the IPO, the company appointed —Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as book-running lead managers. Money raised for the IPO will be used to fuel expansion, improve infrastructure, and strengthen its position as a market leader in the logistics space.
On the financial side, Shiprocket has demonstrated robust revenue growth, even as profitability remains elusive. In FY24, the company posted a 21% jump in revenue, reaching INR 1,316 crore. However, net losses have also climbed, hitting INR 595 crore—a sharp increase from INR 341 crore in FY23. While the rising losses might raise eyebrows, the consistent revenue growth signals potential for long-term scalability, provided the company can manage costs effectively.
A Decade of Growth and Innovation
Saahil Goel, Gautam Kapoor, Vishesh Khurana, and Akshay Gulati founded Shiprocket in 2012, and since then, it has transformed logistics for India’s expanding D2C and e-commerce industries. With the help of 17 courier partners, including Delhivery, FedEx, Xpressbees, and DTDC, the organization runs a huge delivery network that covers more than 24,000 PIN numbers throughout India. With its global presence in 220 countries, Indian companies can now access a wider audience.
In August 2024, the company launched Zop, a marketplace for direct-to-consumer products, with 200-300 brands across fashion, electronics, and more. Shiprocket is also pushing into cross-border shipping, better checkout experiences, and fulfilment services, making it a go-to for e-commerce.
The Road Ahead
Shiprocket’s decision to convert to a public company clearly signals intent. The IPO is about scaling up, strengthening its market presence, and delivering value to stakeholders. With a decade of innovation, strong investor backing, and a finger on the pulse of India’s logistics needs, Shiprocket seems poised to make a splash in the public markets.
Still, the road to sustainable growth won’t be without challenges. Balancing expansion with profitability, meeting shareholder expectations, and navigating the competitive landscape will all test the company’s resilience. But for now, the foundation is solid, and the future looks promising for this unicorn-turned-public contender.
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