Zomato, Temasek-Backed Shiprocket Pre-Files for IPO with Sebi

Shiprocket, a rapidly expanding logistics technology firm supported by Temasek and Zomato, has filed a draft red herring prospectus (DRHP) with Sebi in confidence through the pre-filing process, marking the first official step towards becoming public.

It is anticipated that the proposed IPO will cost between INR 2,000 and INR 2,500 crore. A new issuance component of around INR 1,000 to INR 1,200 crore will be part of this. Existing stockholders will make an offer to sell the remainder.

The offering is being advised by investment banks Bank of America, JM Financial, Kotak Mahindra Capital, and Axis Capital.

Shiprocket Opting for Confidential Filing Mechanism

Shiprocket has chosen to use the Sebi confidential filing process, which enables businesses to postpone making sensitive business information publicly available until closer to the initial public offering. Swiggy, Boat, PhysicsWallah, and other well-known firms have already taken this approach.

Established in 2012, Shiprocket offers complete logistics services to more than 100,000 small sellers and direct-to-consumer (D2C) firms throughout India. More than half of its merchant base currently resides in Tier-II and Tier-III cities, where the company has established itself as a leader in facilitating e-commerce shipments.

According to one of its investors, Shiprocket achieved an estimated 20–25% increase and turned cash-flow positive in FY25, even though the growth of e-commerce as a whole slowed.

Although its net loss increased to INR 595 crore in FY24 as a result of the financial impact of integrating several acquisitions, including RocketBox, Omuni, and Pickrr, it reported operating revenue of INR 1,316 crore, up 21% from the year before.

Shiprocket Focusing on Three Startegic Areas

These days, Shiprocket is concentrating on three key areas: rapid commerce, cross-border shipping, and digital payments. It is incorporating logistics platforms such as Porter, Borzo, and Shadowfax under its fast commerce vertical to enable hyperlocal delivery for small and medium-sized enterprises.

Additionally, it has started collaborating with Swiggy Instamart and Zepto to oversee stock replenishment for dark businesses.

 In a funding extension round last year, Shiprocket raised INR 219 crore at a valuation of $1.2 billion, adding new investors Koch Group, MUFG Bank, Tribe Capital, and Susquehanna to its current backers Temasek, Bertelsmann, PayPal, and Info Edge Ventures.

IPO Getting Popular Among Indian Startups

According to a survey by venture debt firm InnoVen Capital, despite global obstacles, a number of high-quality startup companies are expected to go public in 2025, and the funding environment is also expected to improve this year.

Additionally, it stated that 47% of the 100 startup entrepreneurs who took part in the study anticipate hiring to pick up speed this year.

According to the India Startup Outlook Report, 63% of people who tried to raise money in 2024 had a positive experience. 79% of founders believe that by 2025, the fundraising climate will improve.

 According to the report, 73% of startup founders now choose domestic initial public offerings (IPOs) as their preferred exit strategy, up from 64% in 2023.

As per the report, 28% of respondents think AI would significantly affect their business models over the next two to three years, mainly in the fintech and enterprise sectors, given the speed at which AI capabilities are developing. Hiring is also anticipated to increase in 2025.