Inside IPO-Bound Shiprocket’s Rise From Logistics Aggregator To Full-Stack Digital Commerce

The ecommerce logistics sector in India is witnessing a boom, given the demand for fast and efficient delivery solutions as businesses race to meet customer expectations. The market is projected to reach $7.8 Bn by 2030 from $4.4 Bn in 2025, reflecting a 12.2% CAGR for the forecast period. 

It is hardly surprising. Getting the logistics within a business wrong is bound to have dire consequences, especially for smaller enterprises or new entrants with little money to set up expansive distribution and specialised logistics teams.

Another critical challenge is scale. Shipping in small quantities tends to get more expensive but many are compelled to do this. After all, there can be no greater business problem than a product not reaching its customers.

When shiprocket was launched in 2017 by Saahil Goel, Gautam Kapoor, Akshay Ghulati and Vishesh Khurana, the startup knew how small businesses grappled with shipping challenges. It was a classic pain point waiting to be solved, and the startup mulled how it could give the logistics control back to the businesses (well, they never had it in the first place) and help them grow.        

Shiprocket decided to differentiate itself from Day 1 and started to operate with an asset-light, technology-driven model. In essence, it is a business and technology enabler, optimising delivery operations through a network of more than 25 courier partners. This approach allows the startup to scale efficiently while minimising capital expenditure. 

Today, this unicorn caters to more than 150K sellers and provides a bouquet of services ranging from hyperlocal deliveries to international shipping, with a solid leadership team driving value. Valued at $1.2 Bn, Shiprocket raised more than $260 Mn from prominent investors, including Lightrock, Temasek, Bertelsmann India Investments and Zomato, among others.

“Scaling in the logistics industry should not be about adding more vehicles or warehouses. It is about optimising every step of the journey and applying client-centric principles to the techno-business model,” said Goel, cofounder, MD and CEO of IPO-bound Shiprocket. “So, we focus on technology, automation and data intelligence to drive efficiency, ensuring that businesses, big or small, can confidently reach their consumers on time.”

However, scaling such a business in India, one of the most complex and fragmented markets, has challenges. Logistics players must cope with high rates of return to origin (RTO), last-mile inefficiencies, regulatory roadblocks and unpredictable demand fluctuations. Agility isn’t just an advantage here; it’s a necessity. 

For Shiprocket, the key has been building an integrated ecosystem beyond shipping. By leveraging high-end tech solutions and forging strategic partnerships with Invest India, Dependo, Skye Air and more, the startup offers end-to-end fulfilment and financial enablement to its clients and logistics partners, shaping the future of Indian commerce and supply chain. Along the way, it has also crossed INR 1,300 Cr (exactly INR 1,316 Cr) in revenue (as of FY24) and is eyeing profitability in FY25.

Recently, Shiprocket’s board of directors 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, as it looks to capitalise on the public listing momentum among Indian startups in 2025.

While details of the potential IPO are yet to be officially confirmed, the company might soon join BlackBuck and Delhivery among the new-age logistics tech players on the stock market.

As part of Griffin Dialogues, our newly launched flagship series spotlighting India’s trailblazing startup leaders, Inc42 discussed with Goel what it takes to service a sector where the need for speed rules supreme, the challenges of building a sustainable logistics business without betting on capex and how Shiprocket’s organisational culture plays a critical role in driving long-term success.

Here are the edited excerpts.

Inc42: India’s vast geography and complex transportation pose formidable logistical challenges. How has Shiprocket helped its clientele grow while keeping its operations lean yet efficient?

Saahil Goel: Our concept is different. At Shiprocket, efficient scaling is not about moving more parcels but about doing things smarter. We leverage AI, automation, deep logistics integrations and multi-modal services to cut costs, speed up deliveries and boost efficiency without heavy investments in infrastructure.

AI-driven decision-making plays a significant role in our operations. We have developed a courier recommendation engine [CORE] that automatically selects the best shipping partner for every order, optimising cost, speed and risk. AI also helps reduce fraud and returns by profiling buyers. We minimise cash-on-delivery frauds and lower RTO rates, major pain points in ecommerce logistics.

Automation is another critical factor. While CORE runs our fulfilment automation system and pre-assigns the most suitable delivery partner, we use dynamic pricing and auto-routing to cut costs and deliver fast. Together, these components provide a seamless, efficient process.

We have also built deep integrations with India’s commerce ecosystem. Our partnerships with ONDC and India Post give us unparalleled reach. Again, key acquisitions like Wigzo, Omuni and Pickrr have strengthened our fulfilment, inventory and marketing automation.

In sum, we have developed India’s smartest, most efficient logistics network for small and midsized businesses [broadly, MSMEs and D2C brands also come under our SMB umbrella]. This allows merchants of all sizes to scale profitably and deliver without owning a single truck or a warehouse.

Inc42: How do you blend technology and physical logistics to connect merchants with couriers? Tell us about Shiprocket’s systems that make it happen. 

Saahil Goel: At Shiprocket, we have a tech-first, platform-driven approach that seamlessly connects digital intelligence with real-world execution, thus handling the complexities of both sides at scale.

As I mentioned, we have developed CORE to curate shipping options for on-ground logistics operations, optimising every decision we make. This ensures our operations run smoothly, whether we are delivering within India or cross-border.

Next comes our automated fulfilment network, spanning more than 35 strategically located centres, which provides D2C (direct-to-consumer) brands with Amazon-like logistics services without the burden of investments. This game changer is for smaller brands aiming to scale, ensuring a level playing field in an increasingly competitive market.

Our multi-modal operations, a technology-driven platform that enables seamless logistics operations by integrating various transportation modes [air, road and marine logistics] to optimise the movement of goods, allows us to manage everything. From national and international to hyperlocal shipments, cargo [typically, commercial goods] and postal deliveries, all functions are handled through a unified tech layer. This integrated ecosystem is ideal for scalability and adaptability across delivery channels and geographies.

Overall, Shiprocket can operate at the highest efficiency and agility level, making it India’s most advanced logistics aggregator for different business segments. Our goal is simple: We deliver a frictionless, scalable experience that empowers our customers and fuels their business growth.

Inc42: Ecommerce and logistics policies are changing in India. Does it affect Shiprocket’s operations and strategies?

Saahil Goel: All these changes are leading towards growth. For example, India’s policy push towards democratising ecommerce aligns perfectly with Shiprocket’s mission, opening up many opportunities. We were one of the first logistics players to join ONDC, providing homegrown sellers nationwide access to affordable, open-network shipping solutions. This fits our vision of empowering D2C brands and micro, small and medium enterprises.

As for cross-border expansion, our ShiprocketX platform simplifies international shipping for these businesses. We have integrated with global marketplaces like Amazon, Etsy and eBay, and we are also working with the Directorate General of Foreign Trade (DGFT) to streamline overseas trade, making it easier for Indian sellers to go global.

Besides, we closely monitor the Goods and Services Tax (GST) and the overall compliance landscape. Our compliance engine automates invoicing and taxation and ensures regulatory adherence so that sellers can follow the rules with minimal effort. This helps them navigate policy changes without hassles.

As India continues its digital-first transition, Shiprocket is in the middle of this transformation, bridging policy, technology and the business of logistics to empower companies nationwide. It is an exciting time, and we are here to help businesses ride that wave of change.

Inc42: Given Shiprocket’s global operations, how do you navigate the compliance complexities of cross-border logistics?

Saahil Goel: First things first. Shiprocket complies with all cross-border commerce policies. We follow the same partner-driven model as we do for our domestic operations and work with a strong network of global logistics providers like India Post International, Aramex and others to provide international shipping across 220+ countries.

We integrate with global marketplaces like Amazon, Etsy and eBay via ShiprocketX, a cross-border shipping platform. We also simplify international trade by ensuring compliance with customs laws, export documentation and duty structures. Our automated workflows, real-time tracking and dedicated account managers provide sellers with the guidance they need to navigate complex global trade requirements.

Robust payment systems and logistics networks are also crucial for international trade. We provide reliable, efficient payment gateways, enhanced last-mile connectivity and optimised warehousing solutions so that businesses can scale globally.

Inc42: Logistics made great strides, but there is room for improvement. Are policy reforms needed?

Saahil Goel: The Startup India initiative has laid a strong foundation by providing financial support, easing regulatory constraints and improving infrastructure. We may consider liberalising cross-border trade laws further to build on this momentum. It will simplify exports and reduce the compliance burden, helping startups enter new markets with greater ease.

A digital-first, streamlined trade policy would allow startups to cut through excessive paperwork and focus more on innovation. Suppose collaborations are strengthened between private players and government-backed initiatives such as the PM Gati Shakti, Bharatmala and Sagarmala schemes. In that case, the logistics sector will become more inclusive and accessible, allowing MSMEs and startups to grow their overseas business.

Inc42: Shiprocket went beyond logistics and emerged as a technology enabler. How do you leverage this USP to redefine ecommerce for D2C brands and SMBs?

Saahil Goel: Our motto is to transform ecommerce for Bharat by empowering these segments with seamless, tech-driven solutions. Therefore, we help merchants scale effortlessly, streamlining operations with just a click. For instance, our AI-powered tools like CORE optimise shipping, reduce costs and improve delivery timelines to enhance customer experience. Shiprocket has more than 35 fulfilment centres in India that enable same-day or next-day delivery, giving D2C brands top-tier infrastructure access.

We offer one-click checkout to simplify transactions, converting prospects to customers in 40 seconds. In fact, these integrated payment gateways and fraud detection measures ensure quick and efficient order completion. We also enable omnichannel retail, marketing automation and flexible financing through Shiprocket Capital so that small and midsize businesses have the tools and working capital to grow.

So, yes, we are doing much more than logistics. We are their technology partner, and we eliminate operational bottlenecks to help them thrive in digital commerce.

Inc42: A dynamic and innovative culture is needed for high-growth companies. How do you ensure that the team remains agile & forward-thinking while scaling?

Saahil Goel: At Shiprocket, culture isn’t just a buzzword. It is the backbone of how we operate. Our success comes from an ownership-driven, execution-first mindset that keeps us agile, no matter how big we get. And we live by four core principles.

• Get Ship Done: Speed and execution always take precedence over bureaucracy. We don’t let red tape slow us down; we move fast and get things done.
• Challenge the status quo: We constantly refine processes and question inefficiencies. We don’t settle for anything less if something can be done better. We fix it.
• Commit to excellence: Innovation and high-quality outcomes are non-negotiable. We push ourselves to raise the bar with every project.
• Be humble and respectful: We check our ego at the door and maintain a strong learning mindset. Growth comes from listening, adapting and improving together.

We have reinforced our organisational culture with a flat hierarchy where employees are proactive and take ownership of work. Team members at Shiprocket do not wait for permission. They take charge and make things happen.

As we scale, we are doubling down on agility, ensuring that Shiprocket remains a high-performance organisation that moves at the speed of the merchants we empower.

Inc42: How do you balance reinvestment with personal wealth creation? What can others learn from you?

Saahil Goel: My primary focus is reinvesting in the business to drive growth. However, keeping personal and business finances separate is the right thing to do as the company matures. I work closely with financial advisors to plan my personal investments wisely and create a cushion for personal security. The most valuable lesson I have learnt is the power of long-term planning, ensuring that business success and personal wealth are aligned well for sustainable growth and proactive risk management.

[Edited by Sanghamitra Mandal]