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Section 02

Operating Metrics

Data as on H1 FY26 GMV, Transactions, Merchants, End Consumers
₹158.1B
Unique GMV (H1 FY26)
Goods value processed
97.19M
Transactions (H1 FY26)
Unique transactions
1,45,269
Active Merchants
H1 FY26
42.27M
End Consumers
H1 FY26 unique buyers

Operating Metrics Overview

Shiprocket's operating metrics demonstrate strong platform scale and diversification. With ₹158B GMV processed across 97M transactions in H1 FY26, the platform serves 1.45L active merchants reaching 42M end consumers. Notably, the top merchant concentration is below 5% — indicating a highly diversified merchant base unlike competitor platforms dependent on a few large sellers.

Select Operational Data

Key operational metrics tracking platform efficiency and merchant economics. Power Merchants (100+ monthly transactions) represent the high-value segment driving platform growth.

Operational Metrics

Particulars Units H1 FY26 H1 FY25 FY25 FY24 FY23
Unique Transactions Million 97.19 84.22 164.35 132.28 114.39
Power Merchants Count 8,596 8,229 10,005 9,020 8,190
Power Merchant ARPU ₹ Million 0.94 0.88 1.44 1.28 1.14
Revenue per Employee ₹ Million 7.17 6.55 12.76 10.18 7.93

Key Highlights

164M
FY25 Transactions
+24% YoY
10K
Power Merchants
+11% YoY
₹1.44M
ARPU (FY25)
+13% YoY
₹12.8M
Rev/Employee
+25% YoY

Power Merchant Multi-Product Adoption

Particulars H1 FY26 H1 FY25 FY25 FY24 FY23
Using more than 2 products 72.81% 78.64% 78.68% 77.14% 59.11%
Using more than 3 products 52.27% 57.86% 58.93% 58.07% 39.21%

Cross-sell Ratios for Power Merchants

High Multi-Product Adoption = Platform Stickiness

~73% of Power Merchants use more than 2 products and ~52% use more than 3 products. This multi-product adoption has grown significantly from 59% and 39% respectively in FY23, indicating strong platform stickiness and successful cross-sell execution.

Notes:
(1) Unique Transactions: Count of distinct transactions processed by Merchants with the Company, regardless of the number of products/services availed by such Merchant.
(2) Power Merchants: Merchants with an average of more than 100 unique transactions per Active Month, calculated as total unique transactions divided by Active Months. Active Month refers to any month where the Merchant has at least one transaction.
(3) Power Merchant ARPU: Revenue from Power Merchants divided by the count of Power Merchants for the relevant period.
(4) Revenue per Employee: Revenue from Operations divided by average number of employees for the respective period. Average employees = (beginning + end of period) / 2.
(5) Power Merchants using more than two products: Percentage of Power Merchants using more than two products during the relevant period/Fiscal.
(6) Power Merchants using more than three products: Percentage of Power Merchants using more than three products during the relevant period/Fiscal.
Source: Shiprocket DRHP Get the data

Power Merchant Metrics

Shiprocket's platform supported 145,269 Active Merchants which collectively processed 97.19 million unique transactions in H1 FY26. These Merchants served 42.27 million end consumers with a 64.56% repeat rate. Power Merchants (8,596) comprise 5.92% of the Active Merchant base.

Power Merchants (1)
8,596
Power Merchant ARPU (2)
₹0.94M
Growth in Power Merchants (3)
4.46%
Power Merchants ARPU (1) (₹Mn)
Power Merchants ARPU (₹Mn)
Note: (1) Power Merchant ARPU: Revenue from Power Merchants divided by the count of Power Merchants for the relevant period/Fiscal.

Shiprocket Merchant Universe at a Glance

🛒
Merchants Selling on Social Media
🌐
Merchants Selling on Website / Brand.com
✈️
Merchants Exporting Goods from India
🏪
Brick-and-Mortar Using App for Delivery
mamaearth™
boAt
⌘ SNITCH
BELLAVITA®
BECO
BEYOUNG.
BLACKBERRYS
Daily
Objects
& many more...

Merchant Base Metrics

Metric H1 FY26 Commentary
Active Merchants 1,45,269 Merchants transacting in the period
Power Merchants 8,596 5.92% of Active Merchant base
Consumer Repeat Rate 64.56% End consumers returning to platform
Top Merchant Concentration <5% Highly diversified base
Avg. Transactions/Merchant 669 97.19M / 145,269 merchants
Avg. GMV/Merchant ₹10.9L ₹158B / 145,269 merchants

Merchant Segment Mix

Core Segment

D2C Brands

Direct-to-consumer brands selling through their own websites. Primary growth driver for the platform.

Majority
of Merchants
SMB Focus

Small & Medium Businesses

Traditional retailers going online, social commerce sellers, and small e-commerce operators.

Growing
Segment
Enterprise

Large Retailers

Established brands and large e-commerce sellers seeking multi-carrier aggregation.

Expanding
Focus Area
Notes:
(1) Power Merchants: Merchants with an average of more than 100 unique transactions per Active Month, calculated as the total number of unique transactions of the Merchant for the relevant period/Fiscal divided by the number of Active Months. Active Month refers to the month in which the Merchant has at least one transaction on the platform. Data is for H1 FY26.
(2) Power Merchant ARPU: Revenue from Power Merchants divided by the count of Power Merchants for the relevant period/Fiscal. Data is for H1 FY26.
(3) Growth in Power Merchants: From H1 FY25 to H1 FY26.
Source: Shiprocket DRHP Get the data

Top Merchants & Revenue Concentration

Shiprocket has a large and diversified merchant base spanning businesses of all sizes across diverse product categories — from traditional offline-first brands to digital-first brands to mid-size brands and emerging sellers. This diversification minimizes revenue concentration risk.

Shiprocket Merchant Base Minimizing Revenue Concentration Risk

Product Categories based on
unique transactions of core platform
Data is for six months ended September 30, 2025
Highly diversified merchant base
minimizing revenue concentration risk
Revenue concentration of top merchants of Shiprocket (Core + Emerging)
Top 1, 5, 10 and 20 merchants are based on revenue from operations for the relevant fiscal/period

Revenue Concentration by Top Merchants (%)

Merchant Group H1 FY26 H1 FY25 FY25 FY24 FY23
Top 1 Merchant 3.12% 4.37% 3.67% 3.83% 4.02%
Top 5 Merchants 7.76% 10.53% 9.70% 11.38% 13.63%
Top 10 Merchants 11.81% 15.43% 14.54% 16.23% 17.95%
Top 20 Merchants 17.22% 21.08% 20.20% 21.96% 22.93%

Declining Concentration = Lower Risk

Top 20 merchant concentration has declined from 22.93% in FY23 to 17.22% in H1 FY26. Unlike competitor platforms dependent on a few large sellers, Shiprocket's highly diversified merchant base minimizes revenue concentration risk and ensures sustainable growth.

Notes:
(1) Revenue Concentration: Top 1, 5, 10 and 20 merchants are based on revenue from operations for the relevant fiscal/period.
(2) Product Categories: Based on unique transactions of core platform for six months ended September 30, 2025.
Source: Shiprocket DRHP Get the data

Transaction Retention by Cohort

The following table provides details of the growth in the number of unique transactions for each cohort of Merchants that are retained for each of the years following their initial sign-up for Core Business as compared to the number of unique transactions in the initial year ("Transaction Retention") for the Core Business.

Number of Years from Sign-up Year
Cohort
(based on sign-up year)		 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Fiscal 2018 1.00x 2.55x 4.84x 7.72x 12.13x 15.24x 17.67x 20.93x
Fiscal 2019 1.00x 3.20x 3.41x 3.62x 3.90x 4.50x 4.80x
Fiscal 2020 1.00x 2.14x 2.57x 2.62x 2.39x 2.56x
Fiscal 2021 1.00x 1.74x 1.79x 1.53x 1.51x
Fiscal 2022 1.00x 2.14x 1.68x 1.71x
Fiscal 2023(1) 1.00x 1.21x 1.10x
Fiscal 2024 1.00x 1.86x
Fiscal 2025 1.00x
20.93x
FY18 Cohort — Year 7
Highest retention multiple
4.80x
FY19 Cohort — Year 6
Sustained platform activity
1.86x
FY24 Cohort — Year 1
Early adoption strength

Cohort Analysis — Strong Transaction Retention

Each cohort represents merchants who transacted for the first time on the platform in a given Fiscal. The Fiscal 2018 cohort increased their transaction volume by 20.93x in Year 7 (i.e. Fiscal 2025) as compared to Year 0, demonstrating deepening engagement over time. The Fiscal 2019 and 2020 cohorts also show sustained platform activity with transaction multiples of 4.80x and 2.56x by their respective sixth and fifth years, indicating increased utilization and platform stickiness.

Notes:
(1) Fiscal 2023 includes the transactions of Merchants acquired from our acquisition of Pickrr.
Transaction Retention: Growth in the number of unique transactions for each cohort of Merchants retained for each year following their initial sign-up, compared to the number of unique transactions in the initial year for the Core Business.
Source: Shiprocket DRHP Get the data

Consumer Reach

Shiprocket's platform reached 42.27 million unique end consumers in H1 FY26 with a 64.56% repeat rate. This consumer data powers the Shiprocket Checkout product — enabling 1-click checkout by pre-filling buyer details from the 175M+ buyer network.

42.27M
End Consumers
H1 FY26
64.56%
Repeat Rate
H1 FY26
175M+
Buyer Network
Checkout Database
135+
Countries
Via ShiprocketX

End Consumers Served (Million)

Particulars H1 FY26 H1 FY25 FY25 FY24 FY23
End consumers served 42.27 38.18 61.59 48.32 37.15
New end consumers served 14.98 16.30 30.11 25.71 21.41
Repeat end consumers served 27.29 21.88 31.48 22.61 15.74
Repeat rate (%) 64.56% 57.31% 51.11% 46.79% 42.37%

Consumer Growth & Repeat Rate Trend

End Consumers Served (Million)
Repeat Rate Trend (%)

Rising Repeat Rate — Strong Consumer Stickiness

Repeat rate has grown consistently from 42.37% in FY23 to 64.56% in H1 FY26 — a 22pp improvement. This indicates strong consumer loyalty to merchants on the Shiprocket platform, and validates the quality of the buyer network powering Shiprocket Checkout.

Geographic Coverage

Coverage Metric Details
Domestic PIN Codes 24,000+ Pan-India delivery coverage
International Countries 135+ Via ShiprocketX cross-border
Carrier Partners 17+ Domestic shipping partners
Notes:
(1) End consumers served: Count of e-commerce shoppers served by the Core Business (excluding Pickrr end consumers served), identified based on unique mobile numbers.
(2) New end consumers served: Count of e-commerce shoppers served for the first time during the relevant period/Fiscal under the Core Business (excluding Pickrr end consumers served), identified based on unique mobile numbers.
(3) Repeat end consumers served: Count of e-commerce shoppers served in previous periods under the Core Business (excluding Pickrr end consumers served), identified based on unique mobile numbers.
(4) Repeat rate (%): Number of repeat end consumers served as a percentage of end consumers served for the relevant period/Fiscal.
Source: Shiprocket DRHP Get the data

Self-Serve Platform

Shiprocket's self-serve platform offers enterprise-grade experience drawing organic traffic. The platform is intuitive and easy to use — 96.92% of merchant onboarding was completed without any support intervention in H1 FY26. This removes the need for extensive external support and enables a low-cost, digital-first acquisition strategy.

Platform Self-Serve Features & Ease-of-Use

Same month recharge to FTS% (1)
68.00%
% of Merchants getting first order within 24 hours (2)
52.71%
First Call Resolution Rate (3)
62.57%

Seamless Acquisition Journey Across Web & App

2.21M(1)
Unique Monthly Visitors
96.92%(2)
Digital Merchant Acquisition
45.00%(3)
Organic Signups
CAC for Core Business [₹] (5)
<2%(4)
Marketing Expenses - Core Business
as % of Revenue of Operations - Core Business

Digital Acquisition Metrics (H1 FY26)

Organic Signups (1)
45.00%
Digital Merchant Acquisition (2)
96.92%
CAC for Core Business (3)
₹2,817.88

Customer Acquisition Cost Trend

Metric H1 FY26 H1 FY25 FY25 FY24 FY23
CAC - Core Business (₹) 2,817.88 3,465.96 3,361.46 4,101.24 4,772.47

Digital-First Strategy = Low CAC + High Organic Traffic

CAC has declined 41% from ₹4,772 in FY23 to ₹2,818 in H1 FY26. With 2.21M monthly visitors, 45% organic signups, 96.92% digital onboarding, and <2% marketing spend as % of revenue, Shiprocket demonstrates strong product-led growth with minimal sales intervention.

Notes:
(1) Same month recharge to FTS%: Percentage of Merchants placing their first shipment in the same month that they recharge their wallet for Core Business during H1 FY26.
(2) % of Merchants getting first order within 24 hours: Percentage of Merchants that signed up in H1 FY26 and received their first order within 24 hours of signing up for Core Business.
(3) First Call Resolution Rate: Percentage of tickets resolved on the first call in H1 FY26.
(4) Unique Monthly Visitors: Count of monthly unique visitors on shiprocket.in, based on Similarweb data for H1 FY26.
(5) Digital Merchant Acquisition: Onboarding done without handholding of support team for Core Business.
(6) Organic Signups: Signups on website coming through organic search without performance marketing spends.
(7) CAC for Core Business: Customer acquisition cost comprising spend on performance marketing, salaries for merchant acquisition team and promotional cashback/incentives divided by new merchants acquired. FY23 CAC includes impact of Pickrr acquisition.
Source: Shiprocket DRHP, Similarweb Get the data
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Disclaimer: This report is for informational purposes only and does not constitute investment advice. Always conduct your own research and consult with a qualified financial advisor.