Can Shiprocket IPO deliver long-term growth for high-risk investors?

Business

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%.

Financials

Valuation

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.

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