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Shiprocket Ltd IPO
Shiprocket Ltd
₹14,168 /154 sharesMinimum investment
IPO details
Minimum investment
₹14,168
Price range
₹92 - ₹97
Lot size
154
Issue size
1,617.49 Cr
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
12 Aug 2026
IPO open date
14 Aug 2026
IPO close date
17 Aug 2026
Allotment date
17 Aug 2026
Funds unblock or debit
19 Aug 2026
Tentative listing date
About
Founded in
2011
MD/CEO
Mr Saahil Goel
Parent organisation
Shiprocket Ltd
Shiprocket Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company operates an asset-light business model without owning delivery fleets or fulfilment centres. Its common technology infrastructure supports merchant management, billing, customer support and CRM functions, allowing it to add shipping and other services without significant physical infrastructure investments.
The company has a large and diversified merchant base. In FY26, it served 214,769 Active Merchants, while its top 1, 5 and 20 merchants contributed 2.83%, 7.43% and 17.65% of revenue from operations, respectively, indicating relatively low dependence on individual merchants.
The company processes a large volume of transactions and consumer data through its platform. Between October 2016 and March 2026, it processed more than 730 million unique transactions and served more than 155 million end consumers, which it uses for logistics recommendations, RTO risk assessment, checkout and other AI-driven functions.
The company has a high level of self-serve merchant onboarding. In FY26, 96.73% of merchant onboarding for its Core Business was completed without intervention from its support team. The platform also attracted an average of 2.34 million visitors per month during the fiscal year.
The company offers multiple e-commerce services through a single platform. Its offerings cover domestic shipping, fulfilment, cargo, cross-border logistics, checkout, marketing, financing and hyperlocal delivery. In FY26, 75.48% of Power Merchants used more than two of its products, while 58.32% used more than three products.
The company claims to use AI, machine learning and automation across several operational functions. These include RTO prediction, logistics provider allocation, address verification, checkout risk assessment, predictive inventory placement and merchant support. It also claims to have analysed data from more than 155 million end consumers and 730 million unique transactions to support these systems.
The company’s core business has witnessed a consistent increase in its revenue from operations. Revenue from operations increased from Rs 1,315.98 crore in FY24 to Rs 1,632.01 crore in FY25 and Rs 2,024.14 crore in FY26. Adjusted EBITDA increased from Rs 72.17 crore to Rs 156.93 crore and to Rs 186.64 crore during the same period.
The company recorded restated loss for the year of Rs 79.24 crore, Rs 74.45 crore, and Rs 595.18 crore in FY26, FY25, and FY24, respectively. Any failure to generate adequate revenue growth and manage its expenses could result in continued losses and adversely affect the company’s financial condition.
The company’s revenue and cash flows are dependent on the operational performance and transaction volumes of its merchants. A decline in merchant sales, web traffic, order volumes or the ability of the company to attract and retain merchants could reduce transaction volumes on its platform and adversely affect its business, financial condition, cash flows and results of operations.
The company recorded negative cash flows from operating activities of Rs 215.99 crore in FY24, primarily due to increased operating expenses attributable to acquisitions and investments made to scale its emerging business segment, while it recorded positive cash flows of Rs 1.90 crore and Rs 52.64 crore in FY25 and FY26, respectively. Any inability to maintain positive operating cash flows could adversely affect the company’s liquidity, working capital and ability to implement its growth plans.
The company, its subsidiaries, directors and key managerial personnel are involved in outstanding legal proceedings. Any adverse decision in such proceedings could result in liabilities or penalties and adversely affect the company’s business, cash flows and reputation.
The company has made investments in certain of its merchants and other companies, from which it may not realise the expected returns. It recorded a cost of Rs 5.30 crore towards changes in fair value of equity and preference instruments in FY24, while it made investments of Rs 2.50 crore in FY25 and Rs 13.09 crore in FY26 that were classified as fair value through profit or loss. Any adverse changes in the fair value of these investments could negatively affect the company’s results of operations and financial condition.
The company’s revenue is dependent on its ability to attract and retain merchants, particularly power merchants, which are merchants with an average of more than 100 unique transactions per active month. In FY26, it had 214,769 active merchants, of which 10,090 were power merchants, while its top 10 active merchants contributed Rs 246.70 crore (12.19%) to revenue from operations. The contribution in FY25 and FY24 was Rs 237.36 crore (14.54%) and Rs 213.60 crore (16.23%), respectively. Failure to retain key merchants, attract new merchants or manage customer acquisition costs could adversely affect the company’s business, financial condition, cash flows and results of operations.
The company is dependent on third-party vendors for logistics, fulfilment, cloud infrastructure, payment processing and other services, with its top 10 vendors accounting for 55.24%, 57.85% and 50.93% of total expenses in FY26, FY25 and FY24, respectively. Disruption in services provided by these vendors, deterioration in relationships, or inability to retain them on commercially acceptable terms could adversely affect the company’s business, financial condition, cash flows and results of operations.
The company’s trade receivables increased to Rs 236.49 crore as of March 31, 2026, from Rs 147.03 crore and Rs 117.06 crore as of March 31, 2025, and 2024, respectively. In FY23, one of the company’s merchants defaulted on payment of outstanding dues amounting to Rs 4.51 crore. Any delay or default in payments by Merchants could adversely affect the company’s financial condition, cash flows and results of operations.
As of July 10, 2026, the company had total outstanding financial indebtedness of Rs 244.50 crore. Any failure to service or repay these borrowings on time could adversely affect the company’s business, financial condition and cash flows.
Application details
For Shiprocket IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹92 - ₹97 | Upto ₹2 Lakhs | 154 |
| High Networth Individual | ₹92 - ₹97 | ₹2 - ₹5 Lakhs | 154 |