E-commerce enablement platform Shiprocket, which is planning an IPO by next year, organised an e-commerce meet, 'Shiprocket Shivir', in New Delhi on Friday.
CEO and Managing Director Saahil Goel launched a report titled “How Indian SMEs Sell Online” on the journey and current trends of Indian SMEs.
The report noted that while e-commerce is booming in urban areas, around 71 percent of orders still come from outside urban areas. It also noted that SMEs are increasingly using WhatsApp for direct marketing, with usage increasing from 25 percent to 30 percent. Additionally, advanced technology solutions such as marketing automation tools are being used to optimize campaigns, personalize customer interactions, and improve efficiency.
The report also highlights various statistics across different regions of India: North India is seeing an increase in orders, with its share expanding from 26% in 2021 to 29% in 2023. On the other hand, the Western region is stable, while South India is seeing a decline from 27% to 25%, suggesting a possible shift in regional demand trends.
It also said that India's small and medium-sized enterprise-led e-commerce sector is poised to grow into a $300 billion industry, with 20.5 percent of businesses owned by women and generating 19 percent of jobs.
Speaking on the sidelines of the event, Chief Financial Officer Tanmay Kumar told Outlook Business that as the company gears up for its IPO, “Shiprocket Shivir” is providing a platform to thousands of small and medium-sized businesses to showcase their efforts.
On the company's progress, he said that a DRHP has not been filed yet and the company is in the process of preparing it, adding that internal fundraising is being done by existing investors. He did not disclose the amount.
Siproket has reported operating revenue of Rs 1,089 crore for fiscal year 2022-23, up about 78% from the previous year. The company aims to achieve revenue of $1 billion by 2028.
Currently the fourth largest e-commerce platform in India, the company claims to have a GMV of Rs 25,000 crore and around 100,000 merchants.
