Shiprocket hits IPO runway; Tata ups iPhone ante

Economic Times

20-05-2025

Happy Tuesday! Shiprocket is all set to start the process for listing in India, sources told ET. This and more in today's ETtech Morning Dispatch.
Also in the letter:
■ ETTech Done Deals ■ HCLTech's new GCC head■ Uber joins ONDC for B2B foray
Shiprocket set to file for Rs 2,000-2,500 crore IPO via Sebi's confidential route
Saahil Goel, CEO, Shiprocket
Shiprocket is set to file a confidential draft prospectus with the Securities and Exchange Board of India (Sebi) in the next couple of days for its initial public offering (IPO), according to sources familiar with the matter.
Driving the news: Backed by Zomato and Temasek, Shiprocket plans to raise Rs 2,000–2,500 crore through its market debut, including a fresh issue of Rs 1,000–1,200 crore. The company has appointed Axis Capital, Kotak Mahindra Capital, JM Financial and Bank of America as advisors for the IPO.
Pre-IPO finances: Shiprocket became cash-flow positive in FY25, an investor told us. This marks a turnaround from FY24, when its loss widened to Rs 595 crore from Rs 341 crore the previous year.
This was mainly due to the financial impact of integrating several acquisitions made in FY23.
However, operating revenue rose 21% to Rs 1,316 crore in FY24.
About Shiprocket: Founded in 2012, the company provides shipping solutions to direct-to-consumer (D2C) brands and small sellers, who account for 70-80% of its revenue.A source added that ahead of its IPO, Shiprocket is doubling down on three core growth areas: payments, cross-border logistics, and quick commerce.
Also Read: Shiprocket converts to public company in run-up to IPO
Tatas' Hosur plant starts assembling Apple's iPhones
Tata Electronics has started assembling iPhone models at its new unit within the Hosur manufacturing facility, people aware of the development told us.
Driving the news: The company is assembling the iPhone 16 and iPhone 16e across two dedicated assembly lines, with plans to expand to at least four. Each end-to-end assembly line can employ up to 2,500 workers. Once fully operational, the Hosur plant is expected to surpass the scale of Tata's Wistron facility.
Tell me more: The move marks a significant step for Apple as it diversifies its manufacturing footprint beyond China. US president Donald Trump recently told CEO Tim Cook that he didn't want the iPhone maker 'building in India.' 'As Apple looks to deepen its footprint in India and reduce its reliance on China, the presence of two strong, mature suppliers will be instrumental in enabling that growth, said Prabhu Ram, vice president, industry research group, at CyberMedia Research.
Output boost: Tata Electronics is also ramping up production of iPhone enclosures at Hosur. As ET reported on May 12, the company plans to double its capacity of around 50,000 enclosures.
Also Read: Apple partner Hon Hai injects $1.5 billion into India unit
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ETtech Done Deals: Euler, Curebay, Cloudsek raise fresh capital
Saurav Kumar, founder, Euler Motors
Euler raises Rs 638 crore: Electric commercial vehicle maker Euler Motors raised Rs 638 crore in a new funding round led by Hero MotoCorp. This marks the legacy two-wheeler giant's entry into the electric three- and four-wheeler space. Euler will use the funds to expand its nationwide sales and service network and ramp up new product development.
CureBay raises $21 million: Odisha-based hybrid healthcare platform CureBay raised $21 million in fresh funding led by Bertelsmann India Investments. British International Investment (BII) and existing investor Elevar Equity also participated in the funding round. The company will use the funds to bolster its in-house, proprietary tech stack, expand its footprint, and increase recruitment.
Cloudsek raises $19 million: Predictive cybersecurity firm Cloudsek raised $19 million in a funding round led by Tenacity Ventures and Commvault. Inflexor Ventures, MassMutual Ventures, and Prana Ventures also joined the round.
Other Top Stories By Our Reporters
UIDAI opens up non-personal Aadhaar data for public good: The Unique Identification Authority of India (UIDAI) will make non-personal Aadhaar dashboard data public, which will provide insights into the biometric ID's usage and adoption across the country.
H-1B visas decline due to strict rules, higher costs: H-1B visa registrations for FY26 declined 26.5% compared to FY25 at 358,737. The number of selected registrations stood at 120,141, the lowest in the last five years, amid the Trump administration's stringent visa regime and increased costs.
HCLTech appoints Kiran Cherukuri as global head of GCC practice: Cherukuri will be responsible for scaling HCLTech's global capability centre (GCC) practice by bringing focused offerings and corporate functions capabilities.
Uber to offer logistics services through ONDC network: Uber is set to roll out B2B logistics services through the government-backed Open Network for Digital Commerce (ONDC) network, offering businesses on-demand delivery services.
Global Picks We Are Reading
■ Pharma giant Regeneron to buy 23andMe and its customers' data for $256M (TechCrunch)
■ We 3D-printed Luigi Mangione's ghost gun. It was entirely legal (Wired)
■ Why AI advancement doesn't have to come at the expense of marginalised workers (Rest of World)
Updated On May 20, 2025, 07:10 AM IST