Shiprocket Ltd IPO

Status: Upcoming

Overview

IPO date

12 Aug 2026 to 14 Aug 2026

Face value

₹ 10 per share

Price

₹ 92 to ₹97 per share

Issue Size

166,751,546 shares
(aggregating up to ₹ 1617.49 Cr)

Allotment Date

17 Aug 2026

Listing at

NSE

Issue type

Book Building

Sector

E-Commerce/App based Aggregator

Initial public offering of up to 166,751,546 equity shares of face value of Rs. 10 each ("Equity Shares") of Shiprocket Limited ("the Company" or "the Company") for cash at a price of Rs. 97 per equity share (including a share premium of Rs. 87 per equity share) ("Offer Price") aggregating up to Rs. 1617.49 Crores comprising a fresh issue of up to 91,288,659 equity shares of face value of Rs. 10/- each aggregating up to Rs. 885.5 Crores by the company ("Fresh Issue") and an offer for sale of up to 75,462,371 equity shares of face value of Rs. 10 each aggregating up to Rs. 731.99 Crores ("Offered Shares") by the selling shareholders ("offer for sale", and together with the fresh issue, the "Offer"). The company, in consultation with the brlms, may consider a further issue of specified securities to certain investors, aggregating up to Rs. 220.00 crores, as permitted under applicable law, at its discretion, prior to filing of the ("pre-ipo placement"). The pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the brlms. If the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the fresh issue, subject to compliance with Rule 19(2)(b) of the securities contracts (Regulation) Rules, 1957, as amended. The pre-ipo placement, if undertaken, shall not exceed 20% of the size of the fresh issue. Prior to allotment pursuant to the pre-ipo placement, the company shall appropriately intimate the subscribers to the pre-ipo placement, that there is no guarantee that the company may proceed with the offer or the offer may be successful and will result into listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if undertaken). The offer include a reservation of up to 103,092 equity shares of face value of Rs. 10 each, aggregating up to Rs. 1 Crores (constituting up to [*]% of the post-offer paid-up equity share capital), for subscription by eligible employees ("Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer shall constitute [*]% and [*]% of the post-offer paid-up equity share capital of the company, respectively. Price Band: Rs. 92 to Rs. 97 per equity share of face value of Rs. 10 each. The floor price is 9.2 times of the face value and the cap price is 9.7 times of the face value of the equity shares. Bids can be made for a minimum of 154 equity shares and in multiples of 154 equity shares thereafter. A discount of Rs. 9 per equity share is being offered to eligible employees bidding in the employee reservation portion.

Shiprocket Limited was incorporated as Bigfoot Retail Solutions Private Limited' at New Delhi, as a private limited company, pursuant to a certificate of incorporation dated September 28, 2011, issued by the Registrar of Companies, at New Delhi. The name of Company was changed to Shiprocket Private Limited' dated July 19, 2024. Subsequently, Company was converted to a public limited company and the name was changed to Shiprocket Limited' and a fresh certificate of incorporation dated February 18, 2025 was issued by the RoC. The Company is an e-commerce enablement platform powering direct commerce. Shiprocket helps small businesses, retail brands, direct-to-consumer merchants, and social commerce retailers scale through its technology stack. It runs analytics on behaviour and transactional data and utilise that data for providing marketing or analysis services to its merchants. Apart from this, their business is divided into two main segments: Core Business and Emerging Business. Core Business includes Domestic Shipping platform and Shipping Apps, which provide managed, completed shipping solutions within India. These services offer multi-modal shipping options, AI-driven logistics provider allocation, and tools for order management and data insights. Their Shipping Apps enhance operations like, order tracking, and secure shipments. Emerging Business focuses on new market creation and includes products such as cargo and fulfilment business, cross-border platform, ads and marketing solutions, and others, comprising capital solutions, hyperlocal deliveries and other Merchant solutions within the Emerging Business. Such offerings extend value proposition by enabling Merchants to improve sales and conversion, and scale of business. Company has filed a Draft Prospectus with SEBI and is planning to raise funds through IPO aggregating to Rs 2342.35 crores, comprising a fresh issue of Rs 1100 cr through fresh issue and the offer for sale of Rs 1242.35 crore through offer for sale.

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T&C*

Strengths vs Risks of Shiprocket Ltd

Know the pros & cons

Strengths

Profitable and scalable Core Business with Operating Leverage.
Expanding platform network effects driving merchant growth and service adoption.
Leveraging scale to optimize our business performance
Self-serve platform offering enterprise-grade experience drawing organic traffic.
Diversified merchant base minimizing revenue concentration risk.
Full transaction accountability enhancing merchant trust and retention.
AI, data and automation-driven platform for operational efficiency.
Modular and open platform enabling rapid expansion.
Experienced leadership team and strong corporate governance

Risks

We had Restated Loss for the year of Rs.792.45 million, Rs.744.49 million and Rs.5,951.81 million for Fiscals 2026, 2025 and 2024, respectively. If we are unable to generate adequate revenue growth and manage our expenses, we may continue to incur significant losses.
We may be unsuccessful in making, integrating and maintaining acquisitions and strategic investments, which could hinder the growth of our business and prevent us from achieving expected returns on such acquisitions or investments. Failure to realize the economic benefit of such acquisitions could result in substantial impairment charges.
We have relied on the judgment of our management when ascertaining our funding requirements and the proposed deployment of Net Proceeds. Our funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency, and our management and Board will have broad discretion over the use of the Net Proceeds. We have not entered into any definitive arrangements to utilize the Net Proceeds of the Offer.
Our results of operations and cash flows are significantly impacted by the operational results and business decisions of our Merchants, the web traffic they are able to generate, and our ability to attract Merchants through online channels, all of which are beyond our control.
We may face challenges in growing our Cross-border business due to our limited experience in such international markets, and will be reliant on our ecosystem partners to grow such business.
We do not have exclusive arrangements with our logistics partners including couriers, suppliers and cargo partners, and they may prioritize the provision of services to our competitors, refuse to renew their contracts with us, or expand their offerings to provide the services we offer. Any of the foregoing could have an adverse effect on our business, financial condition, cash flows and results of operations.
We may face challenges expanding into new business verticals or product categories, potentially leading to the incurrence of substantial expenditure and/or delayed returns on investment, which could adversely affect our business, financial condition, cash flows and results of operations.
We have incurred negative cash flows from operations, with net cash used in operating activities of Rs.2,159.92 million in Fiscal 2024, while we had positive cash flows from operations, with net cash flows from operating activities of Rs.526.37 million and Rs.18.97 million in Fiscals 2026 and 2025, respectively. Negative cash flows may adversely impact our liquidity and prospects.
Our Statutory Auditors have reported an emphasis of matter in the auditors' report for Fiscal 2024. Further, there are modifications reported for certain matters specified in the Report on Other Legal and Regulatory Requirements relating to daily backup of books of account and audit trail for Fiscals 2026, 2025 and 2024.
In relation to our Fulfilment business, we have entered into lease agreements and warehouse management agreements for the fulfilment centres owned by our customers. Failure to manage these fulfilment centres in a cost-effective manner and maintain or renew lease agreements or warehouse management agreements on favourable terms may have an adverse effect on our business, financial condition, cash flows and results of operations.
We may utilize a portion of the Net Proceeds to undertake inorganic growth for which the target may not be identified. In the event that our Net Proceeds to be utilized towards inorganic growth initiatives are insufficient for the cost of our proposed inorganic acquisition, we may have to seek alternative forms of funding.
There are outstanding legal proceedings against our Company, Subsidiaries, Directors and Key Managerial Personnel. Any adverse decision in such proceedings may render us/them liable to liabilities/ penalties and may adversely affect our business, cash flows and reputation.
We may not be able to compete successfully against current and future competitors.
We have integrated and will continue to integrate artificial intelligence and machine learning technology in our platform, and such technologies present operational, compliance and reputational risks, which, if they were to materialize, could adversely affect our business, cash flows and results of operations.
Our Revenue from Operations - Core Business as a % of Revenue from Operations amounted to 73.38%, 80.02% and 82.42% in Fiscals 2026, 2025 and 2024, respectively. Any disruption in our Core Business offerings could adversely affect our business, financial condition, cash flows and results of operations.
Our Company will not receive any proceeds from the Offer for Sale, and the Selling Shareholders shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale.
There have been certain instances of delays in payment of employee related statutory dues by our Company and Subsidiaries. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have an adverse impact on our business, financial condition, cash flows and results of operations.
We may not be able to renew leases or control rent increases at our Corporate and Registered Offices or regional offices on commercially reasonable terms, or at all, which could have an adverse impact on our operations, cash flows and results of operations.
We are exposed to credit risks associated with providing our lending partners with a capped first-loss default guarantee on loan disbursements provided to our Merchants.
In Fiscals 2024 and 2023, we invested in certain of our Merchants. As we were unable to recognise expected returns on such investments, we recorded cost towards Changes in fair value of equity & preference instruments carried at FVTOCI amounting to Rs.52.98 million in Fiscal 2024, which adversely affected our results of operations and financial condition. In addition, we made an investment of Rs.130.88 million in Fiscal 2026 and Rs.25.00 million in Fiscal 2025 in two companies that are not our Merchants, which was classified as fair value through profit or loss ("FVTPL"). Any future fair value changes on such investment will be recognized as profit or loss and could adversely affect our results of operations.
Certain sections of this Red Herring Prospectus contain information from the Redseer Report which has been exclusively commissioned and paid for by us in relation to the Offer and any reliance on such information for making an investment decision in this offering is subject to inherent risks.
If we are unable to retain existing Merchants or attract new Merchants to our platform, and increase sales to both new and existing Merchants, or if we face increased customer acquisition costs ("CAC") when attracting new Merchants, our business, financial condition, cash flows and results of operations could be adversely affected.
Our Merchants' experience and satisfaction depend upon the interoperability of our platform across devices, operating systems and third-party applications that we do not control. Any changes or upgrades to such operating systems or third-party applications could reduce the functionality of our platform.
There may be discrepancies in corporate filings made by us from time to time. We cannot assure you that regulatory proceedings or actions will not be initiated against us in the future and that we will not be subject to any penalty imposed by the competent regulatory authority in this regard.
We rely on various third-party vendors, including logistics and fulfilment centre providers, communication platforms, cloud infrastructure providers, shopping carts, social media platforms and marketplaces, payment gateways, ERPs, developers, credit providers and fulfilment service providers in the operation of our business, and our Cost of Merchant Solutions contributed to 69.39%, 69.34% and 58.94% of total expenses in Fiscals 2026, 2025 and 2024, respectively. Any deterioration in our relationships with, or disruption of the services provided by, such vendors could adversely affect our business, financial condition, cash flows and results of operations.
If we do not continue to innovate and further develop our platform and offerings in a manner that responds to our Merchants' evolving needs, or if we are unable to keep pace with technological developments, we may not be able to compete and our business may be adversely affected.
A significant portion of our Merchants are Micro, Small and Medium Enterprises. An increase in Merchant turnover could increase our customer acquisition costs and adversely impact our results of operations, cash flows and prospects.
Software errors, interruptions, failures, bugs, defects, or outages of our technology platform could impair our ability to effectively provide our offerings, which could adversely affect our business and reputation.
Any actual or perceived cyberattacks, including denial of service attacks and data breaches, could interrupt our operations and expose us to significant liability, thereby adversely affecting our reputation, brand, business, financial condition, cash flows and results of operations.
Our success depends on the continuing efforts of our Key Managerial Personnel, Senior Management Personnel and qualified personnel. If we fail to hire, retain or motivate such individuals, our business could suffer.
The "Shiprocket" brand, the trademark of which is owned by us, is critical to our ability to acquire new Merchants and grow our business. Our brand and reputation could be harmed by complaints and negative publicity regarding our Company or products.
Our inability to collect receivables and defaults in payment from our Merchants could adversely affect our business, financial condition, results of operations and cash flows.
We may incur additional liabilities from lost or damaged packages or delayed shipments to the extent such losses are not covered by our insurance policies, which would adversely affect our results of operations, cash flows and profitability.
The scale of our business has increased significantly in recent years as a result of strategic acquisitions and organic growth, with Revenue from Operations increasing by 24.03% to Rs.20,241.41 million in Fiscal 2026 from Rs.16,320.12 million in Fiscal 2025, and by 24.02% to Rs.16,320.12 million in Fiscal 2025 from Rs.13,159.76 million in Fiscal 2024. We may not be able to sustain such growth rates, and our historical growth rates should not be taken as indicative of our future growth prospects.
If we fail to maintain quality support services to our Merchants, our business, financial condition, cash flows and results of operations would be adversely affected.
If we fail to deliver services in accordance with the contractual requirements of our contracts with Merchants, we could be subject to significant costs or liability and our business, reputation, cash flows and results of operations could be adversely affected.
Failure to prevent or manage fraudulent transactions and illegal activities on our platform, including any violation of our policies or misuse of our platform by our Merchants, ecosystem partners, third-party vendors or employees, could harm our business and reputation and expose us to liability.
The market for technology solutions in the e-commerce industry is new and evolving, and if this market develops more slowly than we expect or declines, or develops in a way that we do not expect, our business, financial condition, cash flows and results of operations could be adversely affected.
Some aspects of our platforms include open source software, and our use of open source software could negatively affect our business, results of operations, cash flows, financial condition, and prospects.
We may not be able to price our offerings optimally, which can detract from our ability to attract new Merchants and retain existing Merchants.
We may not be able to prevent others from unauthorized use of our intellectual property or may be subject to claims by third parties for alleged infringement, misappropriation, or other violation of their intellectual property or other proprietary rights, any of which could harm our business and competitive position.
We incurred Rs.181.66 million, Rs.65.78 million and Rs.245.16 million for purchase of property, plant and equipment (including other intangible assets and capital advances) in Fiscals 2026, 2025 and 2024, respectively. We may require additional capital to support the growth of our business and our future capital needs may require us to obtain additional loans and borrowings or issue equity or debt securities, which may impose restrictions on our business activities and dilute our shareholders' equity.
Any failure or significant weakness of our internal control systems could result in operational errors or incidents of fraud, which would adversely affect our profitability and reputation.
We collect and process significant information about our Merchants and end consumers and are subject to various laws, regulations, rules, policies and other obligations regarding cybersecurity, privacy, data protection and information security, and failure to comply with them could subject us to significant reputational, financial, legal and operational consequences.
We had Total Borrowings of Rs.2,420.12 million as of March 31, 2026. If we are unable to comply with repayment and other covenants in future financing agreements that we enter into, our business, financial condition and cash flows could be adversely affected.
If we are unable to obtain, renew or maintain the statutory permits, approvals and licenses necessary for the operation of our business, financial condition, cash flows, results of operations and prospects could be materially and adversely affected.
We have engaged in, and may continue to engage in, related party transactions, which could give rise to conflicts of interest.
We have engaged in, and may continue to engage in, related party transactions, which could give rise to conflicts of interest.
We track certain operational and non-GAAP measures with internal systems and tools and do not independently verify such measures. Certain of our operational measures are subject to inherent challenges in measurement and any real or perceived inaccuracies in such measures may adversely affect our business and reputation.
Our insurance policies may not be sufficient to protect us from all business risks, and if our insurance coverage is inadequate, it may have an adverse effect on our business, financial condition, cash flows and results of operations.
We had no Contingent Liabilities as of March 31, 2026. If we incur contingent liabilities in the future and these materialize, they may affect our results of operations, financial condition and cash flows.
Our operating results are subject to seasonal fluctuations, which can adversely impact our business, cash flows, results of operations and profitability.
Certain of our Directors, Key Managerial Personnel and Senior Management Personnel have interests in our Company in addition to their remuneration and reimbursement of expenses.
If we cannot maintain our company culture and our values as we grow, our business and competitive position may be harmed.
Grant of ESOPs under our ESOP Schemes may result in a charge to our profit and loss account and, to that extent, affect our financial condition and cash flows.
Grant of ESOPs under our ESOP Schemes may result in a charge to our profit and loss account and, to that extent, affect our financial condition and cash flows.
Our online marketing services/listings or reviews may constitute internet advertisement, which subjects us to laws, rules, and regulations applicable to advertising.

Shiprocket Ltd Peer Comparison

Understand the company’s industry standing

Shiprocket Ltd

Unicommerce Esolutions Limited

Face Value

Standalone / Consolidated

Consolidated

Total Income Rs. Cr.

2024.141

204.338

EPS-Basis

-1.23

1.79

EPS-Diluted

-1.23

1.78

NAV Per Share

23.96

17.17

P/E-Basic EPS

---

47.75

P/E-Diluted EPS

---

RONW(%)

-5.2

10.6

Latest NAV Period

---

Latest NAV

---

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How to check the allotment status of Shiprocket Ltd IPO?

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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

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The IPO opens on 12 Aug 2026 & closes on 14 Aug 2026.

Shiprocket Ltd IPO will close on 14 Aug 2026.

Profitable and scalable Core Business with Operating Leverage.
Expanding platform network effects driving merchant growth and service adoption.
Leveraging scale to optimize our business performance
Self-serve platform offering enterprise-grade experience drawing organic traffic.
Diversified merchant base minimizing revenue concentration risk.
Full transaction accountability enhancing merchant trust and retention.
AI, data and automation-driven platform for operational efficiency.
Modular and open platform enabling rapid expansion.
Experienced leadership team and strong corporate governance

No risks available.

We had Restated Loss for the year of Rs.792.45 million, Rs.744.49 million and Rs.5,951.81 million for Fiscals 2026, 2025 and 2024, respectively. If we are unable to generate adequate revenue growth and manage our expenses, we may continue to incur significant losses.
We may be unsuccessful in making, integrating and maintaining acquisitions and strategic investments, which could hinder the growth of our business and prevent us from achieving expected returns on such acquisitions or investments. Failure to realize the economic benefit of such acquisitions could result in substantial impairment charges.
We have relied on the judgment of our management when ascertaining our funding requirements and the proposed deployment of Net Proceeds. Our funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency, and our management and Board will have broad discretion over the use of the Net Proceeds. We have not entered into any definitive arrangements to utilize the Net Proceeds of the Offer.
Our results of operations and cash flows are significantly impacted by the operational results and business decisions of our Merchants, the web traffic they are able to generate, and our ability to attract Merchants through online channels, all of which are beyond our control.
We may face challenges in growing our Cross-border business due to our limited experience in such international markets, and will be reliant on our ecosystem partners to grow such business.
We do not have exclusive arrangements with our logistics partners including couriers, suppliers and cargo partners, and they may prioritize the provision of services to our competitors, refuse to renew their contracts with us, or expand their offerings to provide the services we offer. Any of the foregoing could have an adverse effect on our business, financial condition, cash flows and results of operations.
We may face challenges expanding into new business verticals or product categories, potentially leading to the incurrence of substantial expenditure and/or delayed returns on investment, which could adversely affect our business, financial condition, cash flows and results of operations.
We have incurred negative cash flows from operations, with net cash used in operating activities of Rs.2,159.92 million in Fiscal 2024, while we had positive cash flows from operations, with net cash flows from operating activities of Rs.526.37 million and Rs.18.97 million in Fiscals 2026 and 2025, respectively. Negative cash flows may adversely impact our liquidity and prospects.
Our Statutory Auditors have reported an emphasis of matter in the auditors' report for Fiscal 2024. Further, there are modifications reported for certain matters specified in the Report on Other Legal and Regulatory Requirements relating to daily backup of books of account and audit trail for Fiscals 2026, 2025 and 2024.
In relation to our Fulfilment business, we have entered into lease agreements and warehouse management agreements for the fulfilment centres owned by our customers. Failure to manage these fulfilment centres in a cost-effective manner and maintain or renew lease agreements or warehouse management agreements on favourable terms may have an adverse effect on our business, financial condition, cash flows and results of operations.
We may utilize a portion of the Net Proceeds to undertake inorganic growth for which the target may not be identified. In the event that our Net Proceeds to be utilized towards inorganic growth initiatives are insufficient for the cost of our proposed inorganic acquisition, we may have to seek alternative forms of funding.
There are outstanding legal proceedings against our Company, Subsidiaries, Directors and Key Managerial Personnel. Any adverse decision in such proceedings may render us/them liable to liabilities/ penalties and may adversely affect our business, cash flows and reputation.
We may not be able to compete successfully against current and future competitors.
We have integrated and will continue to integrate artificial intelligence and machine learning technology in our platform, and such technologies present operational, compliance and reputational risks, which, if they were to materialize, could adversely affect our business, cash flows and results of operations.
Our Revenue from Operations - Core Business as a % of Revenue from Operations amounted to 73.38%, 80.02% and 82.42% in Fiscals 2026, 2025 and 2024, respectively. Any disruption in our Core Business offerings could adversely affect our business, financial condition, cash flows and results of operations.
Our Company will not receive any proceeds from the Offer for Sale, and the Selling Shareholders shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale.
There have been certain instances of delays in payment of employee related statutory dues by our Company and Subsidiaries. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have an adverse impact on our business, financial condition, cash flows and results of operations.
We may not be able to renew leases or control rent increases at our Corporate and Registered Offices or regional offices on commercially reasonable terms, or at all, which could have an adverse impact on our operations, cash flows and results of operations.
We are exposed to credit risks associated with providing our lending partners with a capped first-loss default guarantee on loan disbursements provided to our Merchants.
In Fiscals 2024 and 2023, we invested in certain of our Merchants. As we were unable to recognise expected returns on such investments, we recorded cost towards Changes in fair value of equity & preference instruments carried at FVTOCI amounting to Rs.52.98 million in Fiscal 2024, which adversely affected our results of operations and financial condition. In addition, we made an investment of Rs.130.88 million in Fiscal 2026 and Rs.25.00 million in Fiscal 2025 in two companies that are not our Merchants, which was classified as fair value through profit or loss ("FVTPL"). Any future fair value changes on such investment will be recognized as profit or loss and could adversely affect our results of operations.
Certain sections of this Red Herring Prospectus contain information from the Redseer Report which has been exclusively commissioned and paid for by us in relation to the Offer and any reliance on such information for making an investment decision in this offering is subject to inherent risks.
If we are unable to retain existing Merchants or attract new Merchants to our platform, and increase sales to both new and existing Merchants, or if we face increased customer acquisition costs ("CAC") when attracting new Merchants, our business, financial condition, cash flows and results of operations could be adversely affected.
Our Merchants' experience and satisfaction depend upon the interoperability of our platform across devices, operating systems and third-party applications that we do not control. Any changes or upgrades to such operating systems or third-party applications could reduce the functionality of our platform.
There may be discrepancies in corporate filings made by us from time to time. We cannot assure you that regulatory proceedings or actions will not be initiated against us in the future and that we will not be subject to any penalty imposed by the competent regulatory authority in this regard.
We rely on various third-party vendors, including logistics and fulfilment centre providers, communication platforms, cloud infrastructure providers, shopping carts, social media platforms and marketplaces, payment gateways, ERPs, developers, credit providers and fulfilment service providers in the operation of our business, and our Cost of Merchant Solutions contributed to 69.39%, 69.34% and 58.94% of total expenses in Fiscals 2026, 2025 and 2024, respectively. Any deterioration in our relationships with, or disruption of the services provided by, such vendors could adversely affect our business, financial condition, cash flows and results of operations.
If we do not continue to innovate and further develop our platform and offerings in a manner that responds to our Merchants' evolving needs, or if we are unable to keep pace with technological developments, we may not be able to compete and our business may be adversely affected.
A significant portion of our Merchants are Micro, Small and Medium Enterprises. An increase in Merchant turnover could increase our customer acquisition costs and adversely impact our results of operations, cash flows and prospects.
Software errors, interruptions, failures, bugs, defects, or outages of our technology platform could impair our ability to effectively provide our offerings, which could adversely affect our business and reputation.
Any actual or perceived cyberattacks, including denial of service attacks and data breaches, could interrupt our operations and expose us to significant liability, thereby adversely affecting our reputation, brand, business, financial condition, cash flows and results of operations.
Our success depends on the continuing efforts of our Key Managerial Personnel, Senior Management Personnel and qualified personnel. If we fail to hire, retain or motivate such individuals, our business could suffer.
The "Shiprocket" brand, the trademark of which is owned by us, is critical to our ability to acquire new Merchants and grow our business. Our brand and reputation could be harmed by complaints and negative publicity regarding our Company or products.
Our inability to collect receivables and defaults in payment from our Merchants could adversely affect our business, financial condition, results of operations and cash flows.
We may incur additional liabilities from lost or damaged packages or delayed shipments to the extent such losses are not covered by our insurance policies, which would adversely affect our results of operations, cash flows and profitability.
The scale of our business has increased significantly in recent years as a result of strategic acquisitions and organic growth, with Revenue from Operations increasing by 24.03% to Rs.20,241.41 million in Fiscal 2026 from Rs.16,320.12 million in Fiscal 2025, and by 24.02% to Rs.16,320.12 million in Fiscal 2025 from Rs.13,159.76 million in Fiscal 2024. We may not be able to sustain such growth rates, and our historical growth rates should not be taken as indicative of our future growth prospects.
If we fail to maintain quality support services to our Merchants, our business, financial condition, cash flows and results of operations would be adversely affected.
If we fail to deliver services in accordance with the contractual requirements of our contracts with Merchants, we could be subject to significant costs or liability and our business, reputation, cash flows and results of operations could be adversely affected.
Failure to prevent or manage fraudulent transactions and illegal activities on our platform, including any violation of our policies or misuse of our platform by our Merchants, ecosystem partners, third-party vendors or employees, could harm our business and reputation and expose us to liability.
The market for technology solutions in the e-commerce industry is new and evolving, and if this market develops more slowly than we expect or declines, or develops in a way that we do not expect, our business, financial condition, cash flows and results of operations could be adversely affected.
Some aspects of our platforms include open source software, and our use of open source software could negatively affect our business, results of operations, cash flows, financial condition, and prospects.
We may not be able to price our offerings optimally, which can detract from our ability to attract new Merchants and retain existing Merchants.
We may not be able to prevent others from unauthorized use of our intellectual property or may be subject to claims by third parties for alleged infringement, misappropriation, or other violation of their intellectual property or other proprietary rights, any of which could harm our business and competitive position.
We incurred Rs.181.66 million, Rs.65.78 million and Rs.245.16 million for purchase of property, plant and equipment (including other intangible assets and capital advances) in Fiscals 2026, 2025 and 2024, respectively. We may require additional capital to support the growth of our business and our future capital needs may require us to obtain additional loans and borrowings or issue equity or debt securities, which may impose restrictions on our business activities and dilute our shareholders' equity.
Any failure or significant weakness of our internal control systems could result in operational errors or incidents of fraud, which would adversely affect our profitability and reputation.
We collect and process significant information about our Merchants and end consumers and are subject to various laws, regulations, rules, policies and other obligations regarding cybersecurity, privacy, data protection and information security, and failure to comply with them could subject us to significant reputational, financial, legal and operational consequences.
We had Total Borrowings of Rs.2,420.12 million as of March 31, 2026. If we are unable to comply with repayment and other covenants in future financing agreements that we enter into, our business, financial condition and cash flows could be adversely affected.
If we are unable to obtain, renew or maintain the statutory permits, approvals and licenses necessary for the operation of our business, financial condition, cash flows, results of operations and prospects could be materially and adversely affected.
We have engaged in, and may continue to engage in, related party transactions, which could give rise to conflicts of interest.
We have engaged in, and may continue to engage in, related party transactions, which could give rise to conflicts of interest.
We track certain operational and non-GAAP measures with internal systems and tools and do not independently verify such measures. Certain of our operational measures are subject to inherent challenges in measurement and any real or perceived inaccuracies in such measures may adversely affect our business and reputation.
Our insurance policies may not be sufficient to protect us from all business risks, and if our insurance coverage is inadequate, it may have an adverse effect on our business, financial condition, cash flows and results of operations.
We had no Contingent Liabilities as of March 31, 2026. If we incur contingent liabilities in the future and these materialize, they may affect our results of operations, financial condition and cash flows.
Our operating results are subject to seasonal fluctuations, which can adversely impact our business, cash flows, results of operations and profitability.
Certain of our Directors, Key Managerial Personnel and Senior Management Personnel have interests in our Company in addition to their remuneration and reimbursement of expenses.
If we cannot maintain our company culture and our values as we grow, our business and competitive position may be harmed.
Grant of ESOPs under our ESOP Schemes may result in a charge to our profit and loss account and, to that extent, affect our financial condition and cash flows.
Grant of ESOPs under our ESOP Schemes may result in a charge to our profit and loss account and, to that extent, affect our financial condition and cash flows.
Our online marketing services/listings or reviews may constitute internet advertisement, which subjects us to laws, rules, and regulations applicable to advertising.

The Issue type of Shiprocket Ltd is Book Building.

The minimum application for shares of Shiprocket Ltd is 154.

The total shares issue of Shiprocket Ltd is 166751546.

Shiprocket Ltd IPO

Objectives of Shiprocket Ltd IPO