Zomato-backed Shiprocket receives SEBI nod for ₹2,400-crore IPO: Sources

Temasek and Zomato-backed Shiprocket has received approval from the Securities and Exchange Board of India (SEBI) to launch its ₹2,400 crore initial public offering (IPO).

The company plans to raise the amount through a mix of fresh issue and offer for sale, split evenly between the two.

Notably, marquee investors Temasek, Zomato, and Info Edge will not dilute their holdings in this issue. The offer for sale will be made solely by early investors and the company's founders.

Shiprocket had filed confidential draft papers with SEBI in May this year. Proceeds from the IPO will be used for product development, technology upgrades, acquisitions, and to expand logistics and warehousing capabilities.

The e-commerce enablement platform said its emerging businesses are growing rapidly as it looks to strengthen its leadership in India's digital logistics ecosystem.

In an earlier conversation with CNBC-TV18, Saahil Goel, MD & CEO of Shiprocket, said, "As long as you build a fundamentally sustainable business, the external pressures of doing things which may or may not be good for the business at various times become much less. That's the opportunity of trying to see where the risk-reward ratio is. You can stray sometimes too far, and then you end up kind of having to make decisions."

For the financial year ended March 31, 2025, Shiprocket reported positive cash EBITDA and robust topline growth.

Revenue rose 24% year-on-year to ₹1,632 crore from ₹1,316 crore in FY24. Revenue from core businesses, including domestic shipping platforms and value-added tech offerings, grew 20% YoY to ₹1,306 crore.

The company's net loss narrowed sharply to ₹74 crore in FY25 from ₹595 crore in FY24, with most of the loss attributed to ESOP expenses worth ₹91 crore.

EBITDA margin from core businesses expanded nearly 12%. Shiprocket posted a positive adjusted EBITDA of ₹7 crore in FY25, compared to a cash burn of ₹128 crore in FY24. Core business cash EBITDA more than doubled to ₹157 crore, while emerging businesses reported a 25% improvement in cash EBITDA.

Investment banks Axis Capital, Kotak Mahindra Capital, JM Financial, and Bank of America have been appointed as lead managers for the IPO.