Shiprocket Changes Into A Public Entity In The Run-Up To IPO

SUMMARY

Shiprocket has passed a resolution to convert the startup into a public company from a private one as it aims to list in the next fiscal year

The startup will now drop the word ‘private’ from its name and rechristen itself as Shiprocket Limited

This decision came at the Shiprocket general body meeting held on 18 January

The board of logistics unicorn shiprocket has passed a resolution to convert the startup into a public company from a private one as it aims to list in the next fiscal year.

The startup will now drop the word ‘private’ from its name and rechristen itself as Shiprocket Limited, according to the company’s regulatory filings.

This decision came at the Shiprocket general body meeting held on 18 January.

The company’s authorised share capital stood at INR 70.98 Lakh after a special resolution passed by the company at an extraordinary general meeting on 31 August 2024.

The development was first reported by Entracker.

It comes at a time when the startup is raising INR 219 Cr (around $26 Mn) in a funding round, which will be led by US-based VC firm KDT Ventures. The round is also likely to see participation from Japan-based MUFG Bank, Tribe Capital, SAI Global and Huddle Ventures.

As part of this fundraise, the company will issue 50,461 Series E3 compulsorily convertible preference shares (CCPS) at an issue price of INR 43,394 apiece to the investors.

Founded by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor in 2017 Shiprocket aggregates third-party logistics companies.

The startup works with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax. It claims to offer shipping solutions across 24,000+ PIN codes within India and 220 countries.

In August 2024, the company piloted a D2C marketplace Zop. The platform hosts around 200-300 brands across eight categories, including fashion, beauty and electronics.

On the financial front, the startup reported a net loss of INR 595 Cr in FY24, surging 74.4% from INR 341 Cr in FY23. Its operating revenue jumped 20.8% to INR 1,316 Cr in the year under review from INR 1,089 Cr in the previous fiscal year.