Zomato and Temasek-backed Shiprocket has received approval from the Securities and Exchange Board of India (SEBI) for its ₹2,500 crore initial public offering (IPO), according to people familiar with the matter.
The logistics and e-commerce enablement platform, which helps D2C brands and small sellers sell online, had confidentially filed with SEBI in May and is now expected to submit an updated draft red herring prospectus (DRHP) in the coming weeks.
Sources indicate that nearly half of the IPO will comprise a fresh issue of shares, while the remainder will be an offer for sale by existing investors.
Founded in 2017, Shiprocket has raised over $320 million so far and commands a valuation of $1.21 billion. As per data from TheKredible, Bertelsmann Nederland B.V. is the largest external shareholder, followed by Tribe Capital, while Zomato, Temasek, LightRock, and PayPal also hold significant stakes.
The company recently reported a strong FY25 performance, with operating revenue rising 24% year-on-year. Shiprocket also turned EBITDA cash positive at ₹7 crore, marking a sharp turnaround from a ₹128 crore loss in FY24. Its net loss narrowed to ₹74 crore during the same period.
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