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Economic Times
20-05-2025
- Business
- Economic Times
Shiprocket hits IPO runway; Tata ups iPhone ante
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 Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. 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
Business Mayor
18-05-2025
- Business
- Business Mayor
Shiprocket unveils India's first AI-integrated MCP server
IPO-bound Shiprocket, an ecommerce enablement platform, has launched India's first AI-integrated model context protocol server, marking a significant step in autonomous digital commerce. This server allows AI agents to directly handle key operations from checking shipping rates to tracking orders using a single line of instruction, the company said in a statement. The innovation is targeted at D2C brands and MSMEs, promising faster execution, seamless integration, and hands-free operations with enterprise-grade security. With this rollout, Shiprocket aims to shift from manual processes to fully autonomous commerce infrastructure, it added. 'Our MCP Server launch marks a transformative shift from manual workflows to autonomous operations powered by AI. This is how we enable millions of businesses to work smarter, respond faster, and scale effortlessly. 'This is more than just an integration, it's a new interface for eCommerce. We're enabling a world where AI doesn't just support business decisions, it executes them,' Shiprocket's MD & CEO Saahil Goel said. READ SOURCE
Time of India
18-05-2025
- Business
- Time of India
Shiprocket unveils India's first AI-integrated MCP server
IPO-bound Shiprocket , an ecommerce enablement platform, has launched India's first AI-integrated model context protocol server, marking a significant step in autonomous digital commerce . This server allows AI agents to directly handle key operations from checking shipping rates to tracking orders using a single line of instruction, the company said in a innovation is targeted at D2C brands and MSMEs , promising faster execution, seamless integration, and hands-free operations with enterprise-grade security. With this rollout, Shiprocket aims to shift from manual processes to fully autonomous commerce infrastructure, it added."Our MCP Server launch marks a transformative shift from manual workflows to autonomous operations powered by AI. This is how we enable millions of businesses to work smarter, respond faster, and scale effortlessly."This is more than just an integration, it's a new interface for eCommerce. We're enabling a world where AI doesn't just support business decisions, it executes them," Shiprocket's MD & CEO Saahil Goel said.
Time of India
17-05-2025
- Business
- Time of India
IPO-bound Shiprocket launches India's first AI-integrated MCP server to drive autonomous eCommerce
IPO-bound has unveiled India's first AI-integrated Model Context Protocol (MCP) server, a move the company described as a major leap towards autonomous . In a statement released on Friday, Shiprocket said the new MCP server empowers AI agents to autonomously perform core operations — including checking shipping rates, processing orders, and tracking deliveries — using a single line of instruction. Tired of too many ads? go ad free now The company emphasized that the technology is designed specifically for direct-to-consumer (D2C) brands and micro, small, and medium enterprises (MSMEs), offering faster execution, seamless integration, and hands-free operation, all backed by enterprise-grade security, PTI reported. 'Our MCP Server launch marks a transformative shift from manual workflows to autonomous operations powered by AI. This is how we enable millions of businesses to work smarter, respond faster, and scale effortlessly,' said Saahil Goel, Managing Director and CEO of Shiprocket. He further added, 'This is more than just an integration, it's a new interface for eCommerce. We're enabling a world where AI doesn't just support business decisions, it executes them.' With this rollout, Shiprocket aims to transition from traditional manual processes to a fully autonomous commerce infrastructure, aligning with its broader vision of redefining digital commerce in India.
Fashion Network
30-04-2025
- Business
- Fashion Network
Shiprocket launches 'Arambh' to empower women entrepreneurs
E-commerce enablement platform Shiprocket has announced the sixth edition of its women-focused initiative 'Aarambh', aimed at supporting female entrepreneurs leading micro, small, and medium enterprise ventures across India. The business announced that its 2025 edition, themed 'Power to Her Purpose', continues its effort to promote inclusivity and innovation within the country's digital commerce space. 'With Aarambh, we're not just spotlighting women entrepreneurs- we're building the foundation for a stronger, more inclusive economy,' said Shiprocket's managing director and CEO Saahil Goel in a press release. 'Every idea pitched here represents the grit, purpose, and potential that drive Bharat's growth story.' According to the Economic Survey 2024–25, only 22% of Indian MSMEs are led by women, a figure that drops to 7% for medium-sized enterprises. Aarambh 2025 seeks to address this gap by offering women founders a platform to pitch their ventures to investors, access funding opportunities, and gain business visibility. Participants in Aarambh 2025 will have a chance to win up to Rs 2.25 lakh in Shiprocket credits, access loans of up to Rs 50 lakh via Shiprocket Capital, and receive mentorship and investor exposure. The virtual finale will take place on May 9 via Zoom. Top 20 shortlisted start-ups will pitch to a five-member jury featuring leaders from OZiva, Clovia, Appreciate Capital and Renée Cosmetics.
