Non-shipping products drive Shiprocket growth

The fast growing non shipping lines matter because they turn Shiprocket from a courier buying dashboard into a system that touches more of each merchant's order flow and wallet. Domestic shipping still makes about 80% of revenue and grew about 8% in 2024, while cross border, checkout, fulfillment, and capital reached about 20% of revenue and grew roughly 75% to 85%, showing that newer products are becoming the main engine of incremental growth.

• Checkout and capital sit closer to the money than shipping does. Checkout speeds payment flow and reduces failed COD orders with address prefill and faster completion, while Capital gives merchants revenue based funding through NBFC partners. Both are natural add ons once Shiprocket already sees orders and shipment data.
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• Cross border shipping expands spend per merchant without needing Shiprocket to win a new seller first. ShiprocketX lets existing merchants upload export orders and ship to 220 plus countries, so the company can layer international logistics onto the same seller base that already uses domestic shipping.
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• This follows the same playbook used by commerce platforms like Shopify and by checkout specialists like Bolt and Rally, where the company starts with one painful workflow, then adds adjacent products that improve conversion, fulfillment, and financing. The result is higher revenue per merchant and stickier retention.
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The next phase is a larger share of revenue coming from software and financial services attached to shipments, not from shipments alone. As more merchants adopt checkout, cross border, fulfillment, and capital, Shiprocket can grow faster than the underlying parcel market and look less like a logistics reseller and more like the operating system for Indian SMB commerce.