Shiprocket vs Unicommerce eSolutions: Here is how the e-commerce enablers fare against each other ahead of Shiprocket IPO

Shiprocket IPO is expected to hit the D-street for its public issue on August 12. It is a part of the e-commerce ecosystem, which enables MSMEs and small businesses to deliver their goods efficiently and cost-effectively. The company might feel like a logistics player at first glance, but it is an enabler of the existing logistics ecosystem. Their business model remains unique and not directly comparable to any of the listed logistics companies. However, being a tech platform, its business model resembles Unicommerce eSolutions. Instead of being direct competitors, they form a crucial part of the e-commerce supply chain and logistics matrix.

Before jumping into the direct comparison on financial metrics, let us understand how both companies operate in the e-commerce industry.

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An e-commerce platform uses an order management system like Unicommerce to sort the orders received from customers and analyse the logistics cost associated with using Shiprocket’s platform, then places the delivery order with the logistics player like Delhivery or Blue Dart, which delivers the order to the end customer.

The above chart clearly highlights the significance of each of the above-mentioned players in the e-commerce industry. Both Marketplaces and Logistics players run an asset-heavy business model, while Unicommerce and Shiprocket run an asset-light model by operating through a technology platform. Hence, Unicommerce and Shiprocket are nearly identical in nature and comparable. Here is how both players fare

Topline

As of FY26, Shiprocket’s revenue stood at ₹2,024 crore as it operates as a seller of services for a logistics player. The majority of the logistics cost collected from the Shiprocket platform goes to the logistics player. Meanwhile, Unicommerce earns through platform fees for marketplaces, delivering order management, inventory management and warehouse management services through their platform (SaaS). As of FY26, Unicommerce’s revenue stood at ₹204.3 crore. However, Unicommerce enjoys a higher gross margin on every revenue earned as compared to Shiprocket.

Operating profits

At the operating level, Unicommerce eSolutions outperforms Shiprocket despite lower revenue. Unicommerce eSolutions EBITDA (Earnings before Interest, Taxes, Depreciation & Amortisation) for FY26 stood at ₹43 crore, up 54.6% YoY and an EBITDA margin stood at 21.4%. Meanwhile, Shiprocket posted a turnaround at the EBITDA level for the first time in FY26 at ₹17.6 crore (Adjusted EBITDA) and an EBITDA margin of 0.8%. The operating performance of Shiprocket is largely tied to orders and volume growth, while Unicommerce’s margins remain high due to fee-based recurring revenue.

Bottomline

It is clearly evident that Shiprocket remains a loss-making company as of FY26. However, their net loss has narrowed from ₹544 crore in FY24 to ₹79 crore in FY26. On the other hand, Unicommerce eSolutions' net profit stood at ₹20 crore as compared to ₹13 crore in FY24. Unicommerce’s long-term profitability growth has surged over 5x from ₹4 crore in FY21 to ₹20 crore in FY26, while Shiprocket continues to remain in the red.

Shiprocket IPO details

Shiprocket IPO opens on 12 August and closes on 14 August, 2026. The company plans to raise ₹1,617 crore through a mix of fresh and offer-for-sale issue size. The fresh issue comprises 9.13 crore shares aggregating to ₹885 crore and an offer-for-sale of ₹731 crore by offering 7.55 crore shares. The IPO price band is set at ₹92-₹97 per share, with a lot size of 154 shares. The IPO allotment is expected to be finalised on Aug 17 and tentative listing on 19 August.