E-commerce platform Shiprocket, backed by Temasek, has submitted updated draft papers to the markets regulator, Sebi, to raise ₹2,342 crore via its initial public offering (IPO).

The public issue comprises a fresh issue of equity shares worth up to ₹1,100 crore, along with an offer for sale of ₹1,242.3 crore by the selling shareholders, as per the updated draft red herring prospectus (UDRHP).

Lightrock, Tribe Capital, Bertelsmann, Arvind Ltd, Gautam Kapoor, Saahil Goel, and Vishesh Khurana will be diluting their stakes as part of the offer for sale.

Axis Capital, BofA Securities India, JM Financial and Kotak Mahindra Capital Company are the book-running lead managers to the public issue. The shares are proposed to be listed on BSE and NSE.

How does Shiprocket plan to use the funds?

According to the papers filed on Friday, the company plans to allocate the funds to support the growth of Shiprocket’s platforms by investing in marketing initiatives and enhancing its technology infrastructure for both its core and emerging businesses.

Additionally, some of the funds will be allocated to repay or prepay certain debts and their associated interest. The company plans to use part of the proceeds for inorganic growth through potential acquisitions and for general corporate needs.

Shiprocket might consider a pre-IPO placement of up to ₹220 crore. If they proceed, this will modify the size of the new issue.

Backed by investors such as Temasek and Eternal, Shiprocket has transitioned from a shipping service to an e-commerce platform that supports direct-to-consumer (D2C) brands and MSMEs.

Shiprocket submitted its draft IPO documents to Sebi via the confidential route in May and got approval in November to go public. After receiving approval, it submitted updated documents on Friday.

About Shiprocket

The company functions through two segments, including Core Business and Emerging Business. The Core Business comprises its domestic shipping platform and associated apps, offering comprehensive shipping solutions across India. These include multi-modal transportation, AI-driven logistics planning, and tools for order management and tracking.

The company’s emerging businesses division, including marketing and automation, expanded 41% in FY25 to ₹326 crore. These new services now make up 20% of the total revenue, a significant increase from 11% two years prior, Mint reported earlier.

Revenue from Shiprocket’s core business, comprising domestic shipping and value-added technology services and representing most of the company’s operations, increased by over 20% year-on-year to ₹1,306 crore, the report said, citing filings with the Ministry of Corporate Affairs.

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