Shiprocket Files Confidential DRHP For INR 2,500 Cr IPO

Logistics unicorn shiprocket has pre-filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), joining the long list of startups taking the confidential route to file their IPO papers.

In a newspaper advertisement, the company said that it proposes to list its shares, with a face value of INR 10 each, on the main board of the BSE and the NSE.

Shiprocket declined to comment on Inc42’s queries about the size of the IPO and the breakup of fresh issue and offer for sale (OFS).

Earlier this week, ET reported that the unicorn plans to mop up INR 2,000 Cr to INR 2,500 Cr through the IPO. While INR 1,000 Cr to INR 1,200 Cr will be a fresh issue, the remaining would be raised via the OFS.

The startup converted it into a public entity from a private one earlier this year.

Founded in 2017 by Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor, Shiprocket is an aggregator of third-party logistics players and works with 17 courier partners such as Delhivery, FedEx, Aramex, Xpressbees, DTDC, Shadowfax, among others, to offer shipping solutions to its clients.

It has raised about $400 Mn till date from the likes of Zomato, Temasek, Lightrock, Bertelsmann India Investments, among others. The startup turned unicorn in 2022, when it raised $33.5 Mn in a round led by Lightrock India.

On the financial front, Shiprocket’s operating revenue jumped 20.8% to INR 1,316 Cr in FY24 from INR 1,089 Cr in the previous fiscal year. However, net loss widened 74.4% to INR 595 Cr during the period under review from INR 341 Cr in FY23.

New-Age Tech Companies Queue Up For Confidential Filings 

Shiprocket has become the third startup this year, after boAt and PhysicsWallah (PW), to take the confidential filing route for DRHP. Besides, wealthtech startup Groww is also looking to file its draft paper through a confidential route.

While the Aman Gupta-led D2C audio and wearable brand is said to be looking to raise INR 500 Cr at a valuation of $1.5 Bn through its public offering, PW’s IPO is said to be of INR 4,600 Cr.

Foodtech startup Swiggy, which got listed on the bourses last year, also filed its DRHP through the confidential route.

The pre-filing route gives the companies a cushion to safeguard their data as the details mentioned in the draft papers only get public after SEBI approves it.

The development also comes at a time when a number of new-age tech companies are looking to go public. While 13 such companies went public in 2024, the year 2025 is expected to see even more new-age tech companies make their debut on the bourses. However, geopolitical tensions and a correction in the Indian equity market have impacted new listings in 2025 so far. Despite this, the second half of the year is expected to see an IPO boom.

According to Inc42’s IPO tracker, over 20 new-age tech companies in the country are eyeing a listing on the bourses this year. Of these, 11 have filed their DRHPs so far. ArisInfra, Avanse Financial Services and BlueStone, among others, have got the regulator’s nod to proceed with the IPO. Meanwhile, Ather Energy is the only new-age tech company to get listed on the bourses this year so far.