Shiprocket makes confidential filing for Rs 2,500 crore IPO

Zomato and Temasek-backed Shiprocket, which helps direct-to-consumer (D2C) brands and small sellers sell online, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) under the regulator’s confidential filing route, according to a newspaper advertisement by the company.

ET was the first to report on Monday that Shiprocket is planning to file the draft papers for its Rs 2,000-2,500 crore initial public offering (IPO). Of this, around Rs 1,000-1,100 crore is expected to be through fresh capital.

Sebi’s confidential filing route allows companies to delay the public disclosure of certain information, such as the company’s latest financials and details of the issue.


Shiprocket has appointed Axis Capital, Kotak Mahindra, JM Financial and Bank of America as the merchant bankers for its IPO.

Wearable tech brand Boat and edtech company PhysicsWallah have both opted for the confidential filing approach, with their prospectuses currently under review by Sebi. Similarly, food and grocery delivery platform Swiggy went public last year following a confidential filing.

With the latest move, Shiprocket joins a list of new-age venture-backed companies planning to go public. Omnichannel jewellery retailer BlueStone received a nod from the market regulator in April, while at-home services platform Urban Company filed its draft papers last month.

Others, such as Zetwerk, Shadowfax, Captain Fresh, OfBusiness, Lenskart and Meesho are also in various stages of their plans to go public. Walmart-owned consumer internet companies PhonePe and Flipkart are also aiming to make their public debut.

Founded in 2012, Shiprocket manages shipments for D2C brands and small sellers, and this vertical contributes 70-80% of its revenue. It is now focussing on three primary areas of growth – payments, cross-border shipping, and quick commerce.

In December 2024, Shiprocket raised $26 million (Rs 219 crore) from US conglomerate Koch Group, Japan-based MUFG Bank, Silicon Valley investor Tribe Capital, Susquehanna International Group, and Huddle Ventures at a valuation of $1.2 billion. The investment was an extension of Shiprocket’s 2022 funding round, which took place at the same valuation. The company also counts investors such as Bertelsmann India Investments, PayPal, Lightrock, March Capital, and Info Edge Ventures on its capitalisation table.

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