Shiprocket, Eternal-Backed E-Commerce Platform, Submits Updated DRHP For Rs 2,342 Crore IPO

The Eternal, formerly Zomato, backed e-commerce platform Shiprocket has filed its Updated Draft Red Herring Prospectus-I (UDRHP-I) with market regulator Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO). The complete size aggregates up to Rs 2,342.3 crore.

Shiprocket IPO Key Details

The Shiprocket initial public offering comprises a fresh issue of equity shares aggregating up to Rs 1,100 crore and an offer for sale (OFS) of up to Rs 1,242.3 crore by presently selling shareholders.

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The face value of each equity share is Rs 10.

Top backers Eternal Limited (formerly Zomato Limited), which holds a 6.85% stake, and MacRitchie Investments Pte. Ltd (Temasek) are not participating in the offer for sale (OFS).

The OFS will see participation from several early backers and founders.

Bertelsmann Nederland B.V. will sell off shares totalling up to Rs 85.43 crore, while Tribe Capital III, LLC (Series 1) plans to offload shares worth up to Rs 120 crore.

Arvind Limited is set to sell shares worth up to Rs 161 crore. Other investor selling shareholders include 500 Startups III, L.P. (up to Rs 27 crore), LR India Fund I S.a.r.l. (up to Rs 258.49 crore), and MCP3 SPV LLC (up to Rs 95 crore).

Among the individual selling shareholders, founders Saahil Goel and Gautam Kapoor will each sell equity shares aggregating up to Rs 144 crore, while Vishesh Khurana will divest shares worth up to Rs 36.93 crore.

The e-commerce enablement platform, in consultation with its Book Running Lead Managers (BRLMs), might consider a pre-IPO placement of specified securities totaling up to Rs 220 crore.

About Shiprocket

Shiprocket operates as an end-to-end, merchant-first technology platform enabling e-commerce transactions for India’s MSMEs and digital retailers. Its operations are divided into two main segments: the Core Business, which includes its Domestic Shipping platform and Shipping Apps, and the Emerging Business, entailing cross-border trade, cargo, fulfilment, and checkout solutions.

Financially, the company reported a revenue from operations of Rs 1,632 crore for fiscal 2025, a growth from Rs 1,316 crore in fiscal 2024. The company significantly narrowed its losses to Rs 74.45 crore in fiscal 2025, compared to a loss of Rs 595.18 crore in the previous fiscal year.

Axis Capital Limited, BofA Securities India Limited, JM Financial Limited, and Kotak Mahindra Capital Company Limited are the book running lead managers to the issue. The equity shares are expected to be listed on both exchanges BSE and NSE.