IPO-bound logistics unicorn Shiprocket continued to improve its financial performance in the first half of FY26 (H1 FY26), trimming its net loss by 10% year-on-year while delivering strong revenue growth. The Gurugram-based logistics technology company reported a net loss of INR 38.3 Cr for the six-month period ended September 2025, compared to a loss of INR 42.3 Cr in the same period last year (H1 FY25), highlighting better cost controls and operating leverage.
Shiprocket’s operating revenue for H1 FY26 rose 15% to INR 942.7 Cr, up from INR 817 Cr recorded in the corresponding period of the previous fiscal year. Including other income of INR 28.1 Cr, the company’s overall revenue increased 16% year-on-year to INR 970.8 Cr. This steady growth underscores Shiprocket’s ability to scale its platform despite a challenging macro environment for new-age tech companies.
Consumption-Based Revenue Model Drives Growth
Shiprocket primarily operates on a consumption-based pricing model, where revenue is directly linked to merchants’ usage of its technology-enabled logistics platform. This model allows the company to benefit from increased transaction volumes and deeper engagement from its merchant base.
During H1 FY26, revenue from merchant solutions accounted for a dominant 99.4% of Shiprocket’s operating revenue. The remaining INR 5.5 Cr came from the sale of traded goods, reflecting the company’s continued focus on its core logistics and merchant enablement services rather than low-margin ancillary businesses.
Expanding Merchant Base and Higher Engagement
Shiprocket’s growth trajectory was also supported by a robust and expanding merchant ecosystem. In the six-month period under review, the company served 145,269 active merchants across India. Notably, 8,596 of these merchants recorded an average of more than 100 unique transactions per active month, indicating strong platform stickiness and higher usage intensity among larger and more mature sellers.
This rise in high-frequency merchants is particularly significant for Shiprocket’s long-term profitability, as increased transaction volumes per merchant typically lead to better unit economics and improved margins under its consumption-led pricing structure.
IPO Readiness and Path to Profitability
As Shiprocket prepares for a potential initial public offering (IPO), its improving financial metrics are likely to be closely watched by investors. The narrowing of losses alongside double-digit revenue growth suggests that the company is moving steadily toward a more sustainable business model.
With India’s e-commerce and D2C ecosystem continuing to expand, Shiprocket is well-positioned to benefit from rising demand for tech-driven logistics solutions. If the company maintains its focus on merchant growth, higher transaction density, and operational efficiency, it could further reduce losses in the coming quarters.
Overall, Shiprocket’s H1 FY26 performance reflects a maturing logistics unicorn that is balancing growth with financial discipline—an important signal as it charts its path toward the public markets.
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