Shiprocket Deep Dive Report
Executive Summary
Shiprocket is India's largest new-age end-to-end horizontal e-commerce enablement platform (by revenue in FY25, per Redseer). The merchant-first, API-led technology platform simplifies logistics, checkout, payments, fulfillment, and cross-border trade for India's MSMEs and large retailers. With 1.45L+ active merchants, 97.19M transactions, and ₹158B GMV processed in H1 FY26, Shiprocket operates a full-responsibility model — taking complete ownership from fulfillment to payments. The platform connects 250+ ecosystem partners (carriers, warehouses, payment gateways, ERPs) through a single interface, serving 42.27M end consumers across 135 countries via its cross-border platform ShiprocketX.
Key Strengths
- Market Leader: #1 shipping aggregator with 150K+ active sellers
- Platform Ecosystem: Shipping + Fulfillment + Checkout + Engage suite
- Zomato Synergies: Integration with Blinkit, quick commerce logistics
- D2C Tailwind: Riding India's booming direct-to-consumer wave
Key Risks
- Aggregator Margins: Thin take-rates in commoditized shipping
- Carrier Dependency: Reliant on third-party courier performance
- Competition: Pickrr, Clickpost, and carrier direct channels
- SMB Churn: High seller turnover in D2C segment
Analyst Insights
D2C is the growth story: India's D2C market projected to reach $100B by 2025. Shiprocket is the infrastructure layer enabling this boom.
Zomato partnership unlocks synergies: Integration with Blinkit's dark store network and Zomato's delivery fleet creates unique cross-selling opportunities.
Platform stickiness increasing: Sellers using 3+ Shiprocket products show 2x higher retention — the ecosystem strategy is working.
Company Snapshot:
Founded: 2017 | HQ: Gurugram
India's #1 shipping aggregator.
Sellers: 150,000+ active merchants
Coverage: 24,000+ PIN codes across India
Platform Products
Key Milestones
Segment Breakdown
Core Business: Domestic Shipping Platform & Shipping Apps — the foundation.
Emerging Business: Cargo & Fulfillment, Cross-border (ShiprocketX), Ads & Marketing, Quick & Capital.
H1 FY26: Emerging segment growing faster at 52% YoY vs Core at 7% YoY.
Revenue diversification: Emerging Business share rising from 9% (FY23) to 25% (H1 FY26).
Revenue from Operations (₹ million)
| Segment | H1 FY26 | H1 FY25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|---|
| Core Business | 7,049 | 6,606 | 13,059 | 10,847 | 9,676 |
| Emerging Business | 2,378 | 1,564 | 3,261 | 1,272 | 944 |
| ↳ Cargo & Fulfillment | 836 | 1,212 | 1,721 | 1,412 | — |
| ↳ Cross-border (ShiprocketX) | 721 | 612 | 1,225 | 702 | 132 |
| ↳ Ads & Marketing | 324 | 109 | 268 | 195 | 134 |
| ↳ Others (Quick, Capital) | 61 | 8 | 46 | 4 | 2 |
| Total Revenue | 9,427 | 8,170 | 16,320 | 12,119 | 10,620 |
Platform Efficiency
164M+ transactions: FY25 unique transactions processed.
10,005 Power Merchants: High-value segment (100+ monthly txns).
₹1.44M ARPU: Power Merchant average revenue (FY25).
₹12.76M per employee: Revenue productivity metric.
Operational Metrics Summary
| Metric | 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 |
Power Merchants: Merchants with 100+ unique transactions per month. This high-value segment drives platform growth and demonstrates strong merchant economics.
Network Overview
42 active couriers as of September 30, 2025.
Top 5 share: 85.75% of total shipment volumes (H1 FY26).
72M+ shipments by top 5 couriers in H1 FY26.
Non-exclusive: Partners serve multiple platforms.
Top 5 Courier Partner Shipment Data
| Metric | H1 FY26 | H1 FY25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|---|
| Shipments by Top 5 Couriers | 72.03M | 60.24M | 121.86M | 94.34M | 90.63M |
| Share of Top 5 in Total Volumes | 85.75% | 82.20% | 83.33% | 83.38% | 86.51% |
Key Risk: Logistics partners do not have exclusive arrangements and could use multiple platforms concurrently. Partners may prioritize competitors, which could result in delivery delays or reduced service quality. No material difficulties in retaining partners reported through H1 FY26.