Let's start with the basics.

Shiprocket Limited is an e-commerce enablement platform that provides technology-based solutions to businesses involved in online commerce.

In simple terms, imagine a business selling products online. Once a customer places an order, the seller may need solutions for shipping, order management, fulfilment, tracking, returns and other parts of the process.

Shiprocket provides a range of technology and services to help merchants manage these activities.

According to the company's RHP, Shiprocket's platform is designed to serve MSMEs and large retailers, with its offerings divided broadly into Core Business and Emerging Business.

As of March 31, 2026, Shiprocket had 214,769 active merchants. 

What does Shiprocket offer?

Its services include areas such as:

• Domestic shipping
• Shipping technology
• Cargo and fulfilment
• Warehousing
• Cross-border commerce
• Ads and marketing solutions
• Checkout solutions
• Capital solutions
• Hyperlocal delivery

So, Shiprocket's business is broader than just shipping packages. It is building a technology platform around several parts of the e-commerce ecosystem.

Here is a quick overview of the important Shiprocket IPO details:

One useful way to understand Shiprocket is to look at how the company divides its business.

Core Business

The Core Business primarily focuses on domestic shipping and shipping-related software and services.

This is currently the larger part of Shiprocket's business.

For FY2026, the Core Business generated approximately ₹1,485.41 crore in revenue from operations, according to the RHP. The segment accounted for about 73.38% of the company's revenue from operations.

The RHP also states that the Core Business has been profitable since FY2022. Its Adjusted EBITDA Margin was 12.56% in FY2026, compared with 12.02% in FY2025 and 6.65% in FY2024.

Emerging Business

The Emerging Business includes several newer areas such as:

• Cargo and fulfilment
• Cross-border commerce
• Ads and marketing
• Checkout
• Capital solutions
• Hyperlocal delivery 

This part of the business is growing faster, although it is still smaller than the Core Business. 

The Shiprocket IPO issue size is approximately ₹1,617.48 crore. The IPO consists of:

• Fresh Issue: ₹885.50 crore
• Offer for Sale (OFS): Approximately ₹731.98 crore

The difference between these two is important. According to the RHP, Shiprocket intends to use the fresh issue proceeds for areas including investment in its platforms, technology infrastructure and capabilities, repayment or prepayment of certain borrowings, potential acquisitions and general corporate purposes.

The proposed use of funds includes approximately:

• ₹365.60 crore towards platform growth investments
• ₹210 crore towards repayment or prepayment of borrowings
• The remaining portion towards general corporate purposes and other specified objectives
• The company plans to invest in technology supporting areas such as cross-border commerce, cargo and fulfilment, data capabilities and other parts of its platform.

The RHP also states that Shiprocket plans to use technology investments to strengthen areas such as data intelligence, logistics intelligence and its Emerging Business offerings.

Financial performance is one of the key things to look at when studying an IPO.

Shiprocket's revenue from operations increased from ₹1,315.98 crore in FY2024 to ₹1,632.01 crore in FY2025 and ₹2,024.14 crore in FY2026.

At the same time, the company reported losses in all three years.

*The figures are based on the company's Restated Consolidated Ind AS Summary Statements in the RHP.

The company has also stated that it may continue to incur operating losses, particularly in its Emerging Business, as it invests in its operations, products, merchant base, partner network, data analytics, AI capabilities, marketing and strategic acquisitions.

The Shiprocket IPO 2026 brings an e-commerce enablement and logistics technology company to the public market.

Shiprocket has built its business around helping merchants manage different parts of online commerce, with its offerings spanning shipping, fulfilment, cross-border commerce, checkout, marketing and other services.

The company's revenue from operations increased from ₹1,315.98 crore in FY2024 to ₹2,024.14 crore in FY2026. At the same time, the company reported a ₹79.25 crore loss in FY2026.

The company's Core Business remains the larger contributor to revenue, while its Emerging Business has been growing at a faster rate.

For anyone researching the Shiprocket IPO, it is useful to look at more than just the IPO price and issue size. The company's business model, financial performance, Core and Emerging Businesses, use of IPO proceeds, technology investments and risk factors all form part of the bigger picture.

Investors should read the latest Shiprocket Limited RHP and other official disclosures carefully and conduct their own research before making any investment decision.

If you are an existing Arham Wealth customer, you can check the available facility to apply for IPO via Arham Wealth. If you do not have a Demat account, you can explore the process to open a Demat account with Arham Wealth.

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. | This article is for informational and educational purposes only and does not constitute investment advice, an offer, or a recommendation to buy or sell securities. The information is based on the Red Herring Prospectus and publicly available sources. Investors should read the Red Herring Prospectus carefully and consult their financial advisor before making any investment decisions. | Name of member: Arham Wealth Management Private Limited | SEBI Registration: INZ000189034, DP: IN-DP-456-2020 | Read Full Disclaimer: https://www.arhamwealth.com/disclaimer

Source: RHP | Company Website