Shiprocket, a logistics and supply chain enabler, is preparing for a definitive initial public offering (IPO) in 2025, having taken the first major step toward public listing by converting into a public entity. According to its regulatory filing, Shiprocket's board of directors has approved a resolution to change its status to a public company and rename it "Shiprocket Private Limited" to "Shiprocket Limited."

The conversion to a public entity occurred a month after raising UDS 26 million in a Series E round led by KDT Ventures, with participation from MUFG Bank, Tribe Capital, and SAI Global. During its pre-IPO round, the company is likely to raise additional capital.

Shiprocket is expected to raise between Rs 2,000 and 2,500 crore through its Initial Public Offering, which will include both primary components and an offer for sale (OFS). According to media reports, the company has appointed Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as investment bankers for the offering.

Shiprocket, founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, is a logistics and supply chain platform that helps businesses streamline shipping by integrating couriers, tracking in real time, and providing automated solutions.

Shiprocket has raised more than USD 320 million and is currently valued at USD 1.21 billion. According to the startup data intelligence platform, the largest external stakeholder is Bertelsmann Nederland B.V, followed by Tribe. Other notable investors in Shiprocket include Zomato, Temasek, LightRock, and PayPal.

During the fiscal year ending March 2024, the company's revenue increased by 21% year on year, reaching Rs 1,316 crore, while its losses totaled Rs 595 crore. It competes with Unicommerce, which recently acquired Shipway, as well as other players including Shipyard.