Shiprocket uses Rs 270.64 crore as growth spending stays untouched

Shiprocket Limited used Rs 270.64 crore of its Rs 885.50 crore IPO issue proceeds in the quarter ended September 30, 2026, spending Rs 210 crore on part repayment of bank overdrafts and Rs 60.64 crore on vendor payments. Shiprocket had not deployed any of the Rs 365.60 crore earmarked for marketing and technology growth.

How did Shiprocket use its IPO proceeds?

Shiprocket used Rs 270.64 crore by September 30, 2026, leaving Rs 614.86 crore unutilised from the Rs 885.50 crore issue size monitored by CARE Ratings Limited. CARE Ratings reported nil deviation from the stated IPO objects and said the proceeds had been used towards the disclosed purposes.

The largest use was Rs 210 crore for repayment or prepayment of borrowings, including accrued interest. This consumed the entire Rs 210 crore allocated to that object, while Rs 60.64 crore was used from the Rs 249.40 crore allocation for inorganic growth through unidentified acquisitions and general corporate purposes.

The IPO was open from August 12, 2026 to August 14, 2026. The monitoring report treats Rs 885.50 crore as the issue-size allocation, including Rs 60.50 crore for offer-related expenses, although no amount under that expense object had been utilised by September 30, 2026.

Which overdrafts and vendors received Shiprocket’s funds?

Shiprocket used Rs 210 crore to partly repay overdraft facilities that were outstanding on March 31, 2026. The payments comprised Rs 133.50 crore towards an HDFC Bank overdraft and Rs 76.50 crore towards an ICICI Bank overdraft.

CARE Ratings described the borrowing-repayment object as completed in the second quarter of fiscal 2027, or Q2FY27, and recorded no delay. The report also showed no utilisation at the beginning of the September quarter, meaning the full Rs 210 crore was deployed during that quarter.

Shiprocket used Rs 60.64 crore for vendor payments under general corporate purposes. The monitored payments were Rs 40.84 crore to Bluedart Express and Rs 19.80 crore to Delhivery Limited, which together equal the amount used under this object.

The offer document permitted use of general corporate-purpose funds for ordinary-course items including fulfilment-centre rent and lease expenses, vendor services, employee costs, insurance, repairs and maintenance. As of September 30, 2026, Rs 188.76 crore remained unutilised within the Rs 249.40 crore combined allocation for inorganic growth and general corporate purposes.

Why had Shiprocket not spent on marketing and technology?

Shiprocket had used none of the Rs 205.80 crore allocated to marketing initiatives or the Rs 159.80 crore allocated to technology infrastructure and capabilities by September 30, 2026. These two sub-objects comprise the Rs 365.60 crore planned investment in the company’s Emerging Business and Core Business platforms.

CARE Ratings said there had been no utilisation towards either growth sub-object during Q2FY27. The report did not provide a reason for the unspent Rs 365.60 crore, and the Board comments for reasons for idle funds and proposed action both stated that there were no comments.

The report did not classify the absence of spending as a delay. The offer-document timetable identifies Rs 88.58 crore for the platform-growth object in fiscal 2027, Rs 135.69 crore in fiscal 2028 and Rs 141.32 crore in fiscal 2029, while the object was marked as ongoing.

Marketing is scheduled at Rs 48.30 crore in fiscal 2027, Rs 75.60 crore in fiscal 2028 and Rs 81.90 crore in fiscal 2029. Technology infrastructure and capabilities are scheduled at Rs 40.28 crore, Rs 60.09 crore and Rs 59.42 crore, respectively, over the same three fiscal years.

Where was Shiprocket’s unutilised IPO money held?

Shiprocket held Rs 614.86 crore of unutilised proceeds at September 30, 2026. CARE Ratings recorded Rs 550 crore in fixed deposits, Rs 3.38 crore in an ICICI Bank monitoring account and Rs 61.74 crore in an ICICI Bank public-issue account.

The Rs 550 crore in fixed deposits had accrued earnings of Rs 3.84 crore and a quarter-end market value of Rs 553.84 crore. After deducting Rs 0.26 crore of fixed-deposit interest included in the monitoring account, the report reconciled the unutilised balance to Rs 614.86 crore.

The two largest fixed deposits were Rs 250 crore with ICICI Bank and Rs 150 crore with HDFC Bank, both maturing on August 24, 2027 at 6.75%. The remaining Rs 150 crore was spread among deposits with Yes Bank and Axis Bank, with stated maturities ranging from October 15, 2026 to August 25, 2027.

CARE Ratings based its report on a chartered accountant certificate dated October 30, 2026, bank statements, management undertakings and the offer document. The agency stated that it does not audit or independently verify the information, certifications or statements it receives for the monitoring report.

Conclusion

Shiprocket’s first IPO-proceeds monitoring report shows that the initial Rs 270.64 crore deployment was directed to overdraft repayment and vendor payments. The full Rs 210 crore debt allocation was used, while the Rs 365.60 crore platform-growth allocation for marketing and technology remained unspent at September 30, 2026, with no reported deviation from IPO objects.

The next monitoring disclosures can show whether Shiprocket begins spending the Rs 205.80 crore marketing and Rs 159.80 crore technology allocations planned across fiscal 2027 to fiscal 2029. They can also show how Shiprocket deploys the remaining Rs 188.76 crore for inorganic growth and general corporate purposes, and whether fixed deposits approaching their stated maturity dates are redeployed.