Business Segments
Business Model Overview
Shiprocket is India's largest new-age end-to-end horizontal e-commerce enablement platform (by revenue in FY25, per Redseer). Merchants are served via 2 business segments: Core Business (Domestic Shipping + Shipping Apps) and Emerging Business (Cargo & Fulfillment, Cross-border, Ads & Marketing, and Others).
Shiprocket's organisational structure as of the date of the Updated Draft Red Herring Prospectus-I is as follows:
Subsidiary Details
| Entity | Jurisdiction | Stake | Business Focus |
|---|---|---|---|
| Shiprocket Pte. Ltd. | Singapore | 100% | International holding company |
| — Shiprocket DMCC | Dubai, UAE | 100% | Middle East operations |
| Pickrr Technologies Pvt. Ltd. | India | 100% | Acquired shipping aggregator |
| Shiprocket Omuni Pvt. Ltd. | India | 100% | Omnichannel fulfillment |
| Shiprocket Inc | USA | 100% | US market operations |
| Shiprocket Merchant App Pvt. Ltd. | India | 100% | Merchant app operations |
| Logitrust Freight Service Pvt. Ltd. | India | 100% | Freight & cargo services |
| Logibricks Technologies Pvt. Ltd. | India | 28.14% | Associate company |
Corporate Structure Highlights
Shiprocket Limited is the parent company with 6 wholly-owned subsidiaries and 1 step-down subsidiary (Shiprocket DMCC via Singapore). The company also holds a 28.14% stake in Logibricks Technologies as an associate. The international entities (Singapore, Dubai, USA) support cross-border expansion strategy.
Merchants are Served via Our 2 Business Segments
The Core Business encompasses Shiprocket's shipping aggregation platform — the foundation that made them India's #1 e-commerce shipping enabler. This includes the Domestic Shipping platform that aggregates 17+ courier partners, and Shipping Apps that integrate with e-commerce platforms for seamless order management.
Domestic Shipping
Multi-carrier aggregation platform enabling merchants to compare rates across 17+ courier partners, auto-select optimal carrier based on serviceability and price, and manage the entire shipping lifecycle.
Shipping Intelligence
AI-powered features including NDR (Non-Delivery Report) management, weight discrepancy resolution, COD remittance tracking, and EDD (Expected Delivery Date) prediction for improved customer experience.
Shipping Apps
Native integrations with Shopify, WooCommerce, Magento, Amazon, Flipkart, and other e-commerce platforms. Enables automated order sync, inventory management, and unified dashboard.
Core Business Key Features
| Feature | Description | Benefit |
|---|---|---|
| Multi-Carrier Aggregation | Single platform to access 17+ courier partners | Best rates, widest serviceability |
| NDR Management | Automated non-delivery report handling via IVR, SMS, WhatsApp | Reduced RTO, higher delivery success |
| Weight Discrepancy | AI-based weight verification and dispute resolution | Lower shipping cost overcharges |
| COD Remittance | Faster cash-on-delivery settlement cycles | Improved merchant cash flow |
| EDD Prediction | ML-based expected delivery date estimation | Better customer experience |
Definitions
- NDR (Non-Delivery Report): Failed delivery attempt requiring re-delivery or return to seller
- RTO (Return to Origin): When shipment is returned to seller due to delivery failure or rejection
- EDD: Expected Delivery Date — predicted delivery timeline shown to customers
- COD: Cash on Delivery — payment collected at time of delivery
Beyond core shipping, Shiprocket has built an emerging portfolio addressing the full merchant journey — from pre-order (Checkout, Engage) through fulfillment (Warehousing, Quick) to financing (Capital) and international expansion (Cross-border). These segments represent high-growth opportunities as merchants seek unified platforms.
Shiprocket Checkout
1-click checkout solution reducing cart abandonment. Pre-fills customer details from 175M+ buyer network, offers multiple payment options, and increases conversion rates by 20-30%.
Shiprocket Fulfillment
End-to-end 3PL warehousing and fulfillment. Pan-India warehouse network for storage, pick-pack, and ship operations. Enables same-day/next-day delivery through strategic inventory placement.
ShiprocketX (Cross-Border)
International shipping platform enabling Indian D2C brands to sell globally. Ships to 135+ countries with customs clearance, duty calculation, and international carrier partnerships.
Shiprocket Cargo
B2B logistics for heavy shipments (30kg+). Part-truck load (PTL) and full-truck load (FTL) services for businesses needing bulk transportation.
Shiprocket Capital
Working capital financing for merchants based on shipping and transaction data. Quick approval, collateral-free loans enabling merchants to scale inventory and operations.
Shiprocket Quick
Same-day and hyperlocal delivery for time-sensitive shipments. Enables D2C brands to compete with quick commerce delivery expectations.
Definitions
- PTL (Part Truck Load): Shared trucking service for shipments not requiring full truck capacity
- FTL (Full Truck Load): Dedicated truck for large volume shipments
- 3PL: Third-Party Logistics — outsourced warehousing and fulfillment services
Shiprocket operates an asset-light model — the platform doesn't own trucks, warehouses, or delivery fleet. Instead, it aggregates capacity from partners, taking "complete responsibility" for the merchant while leveraging partner infrastructure. This enables rapid scaling without heavy capex.
Key Differentiator: Full Responsibility Model
Unlike traditional aggregators that simply connect merchants to carriers, Shiprocket becomes the "single point of contact" taking complete ownership of fulfillment-to-payment. The merchant deals only with Shiprocket — all carrier negotiations, NDR handling, weight disputes, and remittance are managed by the platform.
Asset-Light Benefits
Rapid Expansion
Can add new PIN codes, carriers, and services without building physical infrastructure. Growth is limited only by tech and partnerships.
Low Capex Requirements
No need to invest in trucks, warehouses, or delivery personnel. Capital deployed in technology and merchant acquisition.
Dynamic Capacity
Can scale capacity up/down based on demand by leveraging partner network. No fixed cost overhang during slow periods.
Value Chain Position
| Stage | Shiprocket Role | Partner Role |
|---|---|---|
| Order Capture | API integrations, Checkout, Order management | E-commerce platforms provide order data |
| Warehousing | Inventory management, Pick-pack orchestration | 3PL partners provide warehouse space |
| Shipping | Carrier selection, Rate negotiation, Tracking | Carriers handle physical transportation |
| Last Mile | NDR management, Customer communication | Delivery partners execute final delivery |
| Payments | COD reconciliation, Remittance to merchant | Payment gateways process transactions |
Shiprocket's revenue is diversified across Core Business (Domestic Shipping + Shipping Apps) and Emerging Business (Cargo & Fulfillment, Cross-border, Ads & Marketing, and Others). The Core Business remains the dominant revenue driver while Emerging segments show accelerating growth.
Revenue by Segment (₹ Million)
Segment Revenue Breakdown
| Segment | FY23 | FY24 | FY25 | H1 FY26 | % of H1 FY26 |
|---|---|---|---|---|---|
| Core Business | ₹9,127M | ₹10,628M | ₹12,317M | ₹7,256M | 75% |
| — Domestic Shipping | ₹8,542M | ₹9,815M | ₹11,289M | ₹6,584M | 68% |
| — Shipping Apps | ₹585M | ₹813M | ₹1,028M | ₹672M | 7% |
| Emerging Business | ₹1,886M | ₹2,532M | ₹4,006M | ₹2,419M | 25% |
| — Cargo & Fulfillment | ₹1,124M | ₹1,587M | ₹2,456M | ₹1,453M | 15% |
| — Cross-border | ₹412M | ₹524M | ₹823M | ₹512M | 5% |
| — Others (Ads, Capital) | ₹350M | ₹421M | ₹727M | ₹454M | 5% |
| Total Revenue | ₹11,013M | ₹13,160M | ₹16,323M | ₹9,675M | 100% |
Revenue Mix Insights
Core Business continues to be the revenue backbone at 75% of H1 FY26 revenue, but Emerging Business is growing faster (58% YoY in FY25 vs 16% for Core). The Cargo & Fulfillment segment is the fastest-growing emerging vertical, benefiting from the 3PL and quick commerce trends. Cross-border and new initiatives (Ads, Capital) represent future growth optionality.