Founder Stack

Logistics and e-commerce enablement platform Shiprocket crossed the Rs 2,000 crore revenue mark in FY26, with operating revenue rising 24% year-on-year, while its losses widened 7% to Rs 79 crore ahead of its public listing. Zomato-backed Shiprocket reported a 24% year-on-year increase in operating revenue to Rs 2,024 crore in FY26 from Rs 1,632 crore in the previous fiscal, according to its financial statements disclosed in the RHP. While Shiprocket's core business, comprising its domestic shipping platform and value-added technology offerings, grew 13.7% year-on-year to Rs 1,485 crore, contributing 73.4% of total operating revenue, its emerging businesses, including the cross-border platform, marketing, and omnichannel offerings, generated the remaining Rs 539 crore, up 65% year-on-year. The firm also earned Rs 53 crore from non-operating sources such as interest on fixed deposits, which took its total income to Rs 2,077 crore during the year. Shiprocket's largest cost, materials consumed, increased 24.1% year-on-year to Rs 1,515 crore in FY26. Employee benefit expenses stood at Rs 380 crore, including Rs 112 crore towards ESOPs. Server and communication costs stood at Rs 58 crore, while advertising and promotional expenses jumped 71% year-on-year to Rs 36 crore. Higher spending across warehouse management, depreciation and amortisation, finance costs, and other overheads pushed the company's total expenditure up 23% to Rs 2,153 crore in FY26 from Rs 1,749 crore in the previous fiscal. With revenue and expenses growing at a similar pace, Shiprocket's net loss increased marginally by 7% to Rs 79 crore in FY26 from Rs 74 crore a year earlier. The loss included Rs 112 crore in ESOP expenses. The company spent Rs 1.06 to earn every rupee of operating revenue compared with Rs 1.07 in the previous fiscal. Its EBITDA margin and ROCE -3.31% ROCE stood at -6.39% in FY26.As of March 2026, It reported current assets of Rs 1,017 crore, including cash and bank balances of Rs 188 crore.Shiprocket has trimmed its IPO size by 31% toRs 1,617.48 crorefrom Rs 2,342.35 crore proposed in the UDRHP. The reduction includes a cut in the fresh issue to Rs 885.5 crore from Rs 1,100 crore and the OFS to Rs 731.98 crore from Rs 1,242.35 crore. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.