Company Overview

Shiprocket Limited (formerly Bigfoot Retail Solutions Private Limited) is India's largest new-age horizontal e-commerce enablement platform, providing an end-to-end, merchant-first technology platform that simplifies logistics, checkout, payments, fulfilment, and cross-border trade. The company serves 214,769 active merchants and processed 202.08 million transactions in FY26, with revenue growing to ₹20,241.41 million from ₹13,159.76 million in FY24. The platform operates through Core Business (domestic shipping) contributing 73.38% of revenue and Emerging Business (cross-border, marketing solutions, hyperlocal deliveries) contributing 26.62%.

Offer Details

The Initial Public Offering comprises 166,761,566 equity shares at ₹97 each, aggregating to ₹16,174.85 million:

  • Fresh Issue: 91,299,203 shares (₹8,855.00 million)
  • Offer for Sale: 75,462,363 shares by selling shareholders including Tribe Capital, Bertelsmann, and founders

Price Band: ₹92 to ₹97 per share

Objects: Proceeds will fund marketing initiatives (44.3%), technology infrastructure, debt repayment (25.5%), inorganic growth, and general corporate purposes.

Financial Performance

Key Metrics (Restated Consolidated):

| Fiscal Year | Revenue (₹ millions) | Net Loss (₹ millions) | Total Assets (₹ millions) |

| 2026 | 20,241.41 | (792.45) | 25,047.68 |

| 2025 | 16,320.12 | (744.49) | 23,086.22 |

| 2024 | 13,159.76 | (5,951.81) | 20,512.18 |

The company completed significant capital restructuring including a 265:1 bonus issue and conversion of all CCCPS into equity shares during FY26. Core Business achieved 12.56% adjusted EBITDA margin in FY26.

Risk Factors

Business Risks: History of losses (₹792.45 million FY26), dependence on third-party logistics providers, intense competition, merchant retention challenges, and integration risks from acquisitions.

Market Risks: First public issue with no formal market history, price volatility post-listing, economic slowdown affecting merchant base, and rapid technological changes.

Regulatory Risks: Compliance with SEBI ICDR Regulations, data protection laws (DPDP Act, GDPR), changing tax regulations, foreign investment restrictions under FEMA, and labor law compliance.

Management & Ownership

The company is professionally managed without identifiable promoters. Key management includes:

  • Saahil Goel (Managing Director & CEO)
  • Gautam Kapoor (Executive Director & COO)
  • Kumar Tanmay (CFO)
  • Nikhil Kumar (Company Secretary)

Major Shareholders: Bertelsmann Nederland B.V. (21.32%), Tribe Capital funds (14.14%), and founders (9.68% collectively). The company had 1,470 permanent employees and 2,578 contractual employees as of March 31, 2026.

Market Opportunity

According to the Redseer Report, India's e-commerce enablement market represents a ₹10-11 trillion opportunity. Online retail contributed ∼8% of total retail GMV in CY2025, projected to increase to 14-15% by CY2030. Middle-income households estimated at ∼182 million in CY2025 are expected to drive continued growth.

Legal & Compliance

Ongoing Proceedings: Multiple criminal and civil cases involving the company and directors, including income tax matter settled under Vivad se Vishwas scheme. Aggregate litigation amount approximately ₹129.12 million.

Regulatory Approvals: Received SEBI final observation, in-principle listing approvals from BSE and NSE, and ROC approval for prospectus filing.

Additional Information

Operational Metrics: 214,769 Active Merchants, 10,090 Power Merchants, 69.58 million end consumers served, 250+ ecosystem partners, and 100% platform uptime in March 2026.

Technology: 353 product/technology employees, 11.71 billion API hits monthly, ISO-certified with SOC 2 and ISO 27001 compliance, AI-powered platform with 78.51% EDD prediction accuracy.

Book Running Lead Managers: Axis Capital, BofA Securities India, JM Financial, Kotak Mahindra Capital

Registrar: KFin Technologies Limited

Listing: BSE and NSE

Offer Schedule: Anchor bidding August 11, public offer August 12-14, 2026