IPO Structure: Fresh Issue + OFS Worth ₹2,342.35 Crore
Logistics and supply-chain platform Shiprocket has filed an updated draft red herring prospectus (UDRHP) with SEBI for its ₹2,342.35 crore IPO, comprising a ₹1,100 crore fresh issue and a ₹1,242.35 crore offer for sale (OFS) by existing shareholders and co-founders. Shiprocket initially filed confidential draft papers in May 2025.
Key Investors to Participate in the OFS
According to the UDRHP, Lightrock will lead the OFS, selling shares worth ₹258.49 crore, followed by Arvind Ltd (₹161 crore) and Tribe Capital (₹120 crore). Other selling shareholders include March Capital (₹95 crore), Bertelsmann India Investments (₹85.43 crore), 500 Startups, Agility Global, AFOS Group, Moore Strategic Ventures, and boAt co-founder Sameer Mehta.
Notably, Eternal (formerly Zomato) will not participate in the offering.
Co-founders Also Diluting Stakes
Co-founders Gautam Kapoor and Saahil Goel will each sell shares worth ₹144 crore, while co-founder Vishesh Khurana will offload ₹36.93 crore worth of equity.
Use of Proceeds: Platform Scaling, Tech, and Debt Reduction
Shiprocket plans to deploy ₹505 crore from the fresh issue to scale its logistics and automation platforms—₹294 crore toward marketing and ₹211 crore toward strengthening technology infrastructure.
An additional ₹210 crore will be used for debt repayment, with the remainder earmarked for acquisitions and general corporate purposes.
Shareholding and Lead Managers
As per the UDRHP, Bertelsmann India Investments holds the largest stake at 21.32%, followed by Tribe Capital (14.14%), Eternal/Zomato (6.85%), and Temasek (5.29%). Co-founders Goel and Kapoor each hold 4.84%, while ESOPs account for 8.48%.
The IPO will be managed by Axis Capital, BofA Securities, JM Financial, and Kotak, with KFin Technologies as registrar.
Financial Performance
In H1 FY26, Shiprocket reported ₹942.6 crore revenue, up 15% YoY, while losses narrowed 10% to ₹38.3 crore. In FY25, revenue rose to ₹1,632 crore, and the company turned EBITDA cash positive at ₹7 crore, compared to a ₹128 crore burn in FY24.
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