ET Intelligence Group: Shiprocket, a micro, small and medium enterprises (MSME) focussed e-commerce solutions provider, plans to raise ₹885 crore through fresh equity to fund technology infrastructure expansion, repay debt and support marketing initiatives. It will also raise ₹732 crore through an offer for sale (OFS). The company has not identified any promoters. Bertelsmann Nederland BV is the largest shareholder with 21.3% stake before the IPO. The stake of co-founders who continue to run the operations including Saahil Goel and Gautam Kapoor will fall to 4.6% each after the IPO from 6.2% earlier after considering ESOPs. Shiprocket is the country's largest e-com enablement provider by revenue. However, it is yet to report net profit given the investment phase in the emerging segments. Given these factors, investors with a higher risk appetite may consider the IPO for the long term.
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Incorporated in 2011, Shiprocket offers domestic and cross-border shipping services, marketing solutions, and merchant services to help them in business development. Its technology platform simplifies logistics, checkouts, payments, and fulfilment, enabling merchants to sell online and offline. The company has two main business lines: core and emerging. The shipping platform and related apps form the core business while the emerging operations include tools and platforms to facilitate heavy cargo movement, cross-border shipments, marketing ads and solutions. The emerging business is growing rapidly - its share in merchant addition improved to 21% in FY26 from 6.2% in FY24 while its share in revenue increased to 26.6% from 17.6%.
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Revenue grew by 24% annually to ₹2,024 crore between FY24 and FY26. The annual revenue growth for the core and emerging businesses was 17% and 52.6%, respectively, during the period. The core business has been profitable with operating profit growing by 60% annually to ₹186.6 crore in the said period. The emerging business is yet to report a profit given its phase of rapid growth. The company reported a net loss of ₹79.2 crore in FY26. Total operating cash flow improved to ₹52.6 crore in FY26 from an outflow of ₹216 crore in FY24.
Given the loss-making operations, price-sales (P/S) multiple will be more appropriate. The company demands a P/S multiple of 3.5 considering FY26 numbers and implied market cap. Unicommerce Esolutions, a profitable e-com enablement services provider, trades at a P/S of 4.7.
