In the run up to go public, logistics unicorn Shiprocket’s consolidated loss for the fiscal year FY26 increased by around 7% YoY to ₹79.2 Cr from ₹74.4 Cr in the previous fiscal year, as per the financial disclosures in its red herring prospectus (RHP). 

Operating revenue grew 24% to ₹2,024.1 Cr in the fiscal compared to ₹1,632 Cr in the previous year. Combined with other income of ₹53.3 Cr, the startup’s total income amounted to ₹2,077.4 Cr. 

Shiprocket also reported a loss of ₹3.3 Cr in exceptional items, and no tax expenses. Including items under “other comprehensive income/loss”, its total comprehensive loss for FY26 came to ₹79.3 Cr. 

The firm’s EBITDA loss for the fiscal decreased 3% to ₹16.6 Cr from ₹17.2 Cr EBITDA loss in FY25. 

Founded in 2017 by Gautam Kapoor, Saahil Goel, Vishesh Khurana and Akshay Ghulati, Shiprocket is a logistics aggregator for online sellers, partnering with third-party delivery services such as Delhivery, FedEx, Aramex, Xpressbees, DTDC and Shadowfax. 

It has also expanded into ecommerce enablement, providing brands with services such as cross-border shipping, payments, marketing tools, omnichannel commerce and merchant credit. 

The company also launched an on-demand hyperlocal delivery service in India, Shiprocket Quick, that allows businesses and individuals to send deliveries within a city. 

The startup, which has raised about $400 Mn in equity funding till date, joined the unicorn club in 2022, after raising $33.5 Mn in a round led by Lightrock India. Its other investors include Tribe Capital, March Capital, and Zomato’s parent company Eternal. 

Shiprocket is aiming for a valuation of around ₹7,000 Cr (about $736 Mn) in its IPO. The offer is set to open for subscription on August 12 and close on August 14. 

It plans to raise up to ₹885.5 Cr via the fresh issue component of its IPO. Meanwhile, investors will cash in on shares worth up to ₹732 Cr via the offer for sale (OFS) component. 

The company intends to use a large chunk of the IPO proceeds, INR 365.6 Cr, to bolster marketing and IT infra for its core and emerging businesses. Besides, a comparatively smaller portion, INR 210 Cr, has been earmarked to repay or prepay certain borrowings availed by the company.

On the other hand, Lightrock will be the biggest seller in the OFS component, offloading shares worth about ₹272 Cr. 

Investors like 500 Global, Agility International Investment, as well as the cofounders Gautam Kapoor and Saahil Goel will also paring stake in the company. Khuarana, who took up the role of a strategic advisor in April 2025, will also be offloading shares worth ₹20 Cr via the IPO.

Bertelsmann India Investments is the largest shareholder in the company with a 21.3% stake, but will not be paring its stake in the IPO. 

Where Did Shiprocket Spend?

In FY26, Shiprocket’s total expenses increased by around 23% to ₹2,153.4 Cr from ₹1,749.3 Cr from the previous fiscal. Here’s how the logistics major’s spent:

Cost of Merchant Solutions: Expenditures on ecosystem partners like cloud infrastructure providers, credit providers, payment gateways, were Shiprocket’s largest expense, surging 23% YoY to ₹1,494.1 Cr. 

Employee Benefits Expense: Shiprocket spent ₹379.5 Cr on employee benefits in FY26, 21% more compared to the previous fiscal year. 

Purchase of Traded Goods: It spent ₹21.8 Cr on purchasing traded goods in FY26, more than double of its expenses under this head in FY25. 

Finance Cost: The company’s finance costs climbed around 20% YoY to ₹26.4 Cr.

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