Shipwaves Online
- Shipwaves Online is coming out with an initial public offering (IPO) of 4,69,60,000 equity shares of face value of Rs 1 each for cash at a fixed price of Rs 12 per equity share.
- The issue will open on December 10, 2025 and will close on December 12, 2025.
- The shares will be listed on SME Platform of BSE.
- The share is priced at 12 times higher to its face value of Rs 1.
- Book running lead manager to the issue is Finshore Management Services.
- Compliance Officer for the issue is Jessica Juliana Mendonca.
Profile of the company
Shipwaves Online is a comprehensive, single unified platform designed to meet its client’s shipping and logistical needs. Its expertise spans across multimodal transportation solutions, offering seamless end-to-end support for shipments across Ocean, Land, and Air. With a focus on providing efficient, cost-effective, and reliable services, it enables businesses to manage and move shipments globally with ease. Its platform is built to offer real-time visibility, ensuring that clients have full transparency and control over their logistics operations from the point of origin to the final destination. By integrating the capabilities of multimodal transport, it provides businesses with the flexibility to choose the best routes and modes of transportation based on their specific requirements -- be it speed, cost, or efficiency.
The company offers two primary service categories -- Digital Freight Forwarding and Enterprise SaaS Solutions – each designed to meet the evolving needs of businesses in the global logistics and supply chain industry. As a digital freight forwarder, it provides end-to-end logistics services by leveraging advanced technology to streamline the transportation process across multiple modes -- ocean, land, and air. Its platform facilitates hassle-free bookings, real-time shipment tracking, automated documentation, and efficient customs clearance. Through a digital-first approach, it helps businesses optimize freight movement, reduce manual intervention, and achieve cost and time savings. Its expertise covers everything from booking and managing cargo space to ensuring on-time deliveries, all while offering full visibility and transparency throughout the shipment lifecycle.
In addition to its freight forwarding capabilities, Shipwaves Online delivers robust Enterprise SaaS Solutions tailored to meet the complex demands of supply chain management. Its SaaS platform offers an integrated suite of tools designed to streamline logistics operations, providing businesses with complete visibility and control over their supply chain. These solutions include real-time data analytics, predictive insights for demand forecasting, supply chain optimization, inventory management, and comprehensive shipment planning tools. Its software platform helps enterprises of all sizes to digitalize and automate their logistics processes, improving overall efficiency, minimizing risks, and driving performance. Together, its Digital Freight Forwarding services and Enterprise SaaS Solutions form a cohesive and innovative approach to managing modern logistics challenges with precision and scalability.
Proceed is being used for:
- Meeting working capital requirements of issuer company
- Investment in subsidiary for funding its working capital requirements
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the issuer company
- Meeting the issue expenses
- General corporate purposes
Industry Overview
The logistics industry plays a vital role in the dynamic economic landscape of India by enabling the efficient movement of goods and services throughout the country's large territory. As India strives to realise its ambitious economic goals, including achieving a GDP of $5.5 trillion by 2027, the transformation of its logistics sector emerges as a pressing imperative. Given its pivotal role in supporting various industries, from manufacturing to agriculture and e-commerce, the logistics sector faces a myriad of challenges, and offers a number of opportunities. Through a comprehensive analysis of the sector's dynamics, it aims to uncover actionable insights that can inform strategic interventions and nurture the emergence of a more agile, resilient, and competitive logistics infrastructure in India.
The Indian logistics sector stands as one of the world's largest and plays a crucial role in driving economic growth. Following a 2% contraction in FY21, the market experienced a robust post-COVID recovery in FY22, witnessing a remarkable 14% growth and reaching a value of $435 billion. As per the projections from EY, a leading global consulting firm, the logistics market in India is poised to expand further, reaching $591 billion by FY27. The report further states that in FY22, organised players represented only 5.5-6% of the logistics market segments, encompassing road transportation, warehousing, and supply chain services. However, organised players are anticipated to exhibit a notable CAGR of approximately 32% between 2022 and 2027. Consequently, their market share is expected to reach 12-15% by FY27. This transformation is expected to be led by organised players’ capacity to provide integrated services, leverage network- and scale-driven efficiencies, and make substantial investments in technology and engineering. These efforts are projected to promote their market competitiveness and capture a larger share of customer business.
Meanwhile, the Indian Software-as-a-Service (SaaS) sector is projected to reach $50 billion by 2030, with the potential for further growth due to rapid advancements in artificial intelligence (AI) and its integration into SaaS solutions. According to the report 'The Rise of SaaS in India 2024' by Bessemer Venture Partners, the sector is poised for transformation, driven by increased AI adoption, a focus on cybersecurity, and greater cloud utilization in industries like banking, financial services, and manufacturing. The Indian startup ecosystem is expected to attract $1 billion in new venture funding in 2024, a 25% increase from the previous year, with a significant portion aimed at AI-focused companies. Notably, around 60% of previously pure SaaS startups are evolving into AI-enabled providers, marking a significant shift in the industry landscape.
Pros and strengths
Innovative software, revolutionizing logistics solutions: The company has developed a cutting-edge software platform designed to serve as a single, unified solution for all shipping needs. This innovative platform represents a significant strength for its organization, as it is distinct and unparalleled within the logistics industry. While the software is currently in the advanced stages of development and not yet fully operational, it holds immense potential to transform logistics operations and streamline processes across the sector. This platform will not only enhance efficiency and client satisfaction but also serve as a key revenue driver for the company in the near future, solidifying its position as a leader in logistics innovation.
Commitment to cost efficiency and excellence in logistics: The company’s relentless pursuit of optimal cost efficiency is rooted in a comprehensive approach that meticulously analyzes and optimizes every aspect of its supply chain -- from procurement and inventory management to transportation and distribution. By leveraging advanced technologies, refining processes, and fostering strategic collaborations, it ensures a seamless integration of cost-effectiveness and service excellence. This dynamic approach enables it to minimize operational expenses without compromising on quality or reliability, ensuring it to deliver consistent value to its clients. In a rapidly evolving logistics landscape, its focus extends beyond immediate cost-saving measures to include long-term sustainability and innovation. Its commitment to achieving cost efficiency not only enhances its competitive edge but also reinforces its reputation as a trusted partner dedicated to delivering exceptional results tailored to its clients’ needs.
Diverse customer base across many sectors: Its diversified customer base spans multiple sectors, reflecting its versatility and strong presence in the logistics industry. It caters to a wide range of industries and its clientele comprises both Indian corporate groups and multinational corporations, underscoring its ability to meet the needs of a varied and demanding market. With a comprehensive portfolio of logistics services tailored to the unique requirements of each sector, it is well-positioned to support a broad spectrum of industries. Over the years, it has cultivated enduring customer relationships by consistently delivering value-driven solutions and demonstrating its commitment to operational excellence. This strong foundation not only solidifies its reputation but also positions it for sustained growth in the dynamic logistics landscape. Its ability to serve diverse industries underscores its adaptability, making it a trusted partner for businesses across India.
Risks and concerns
Business vulnerability from limited key customers: The company’s business is dependent on a few customers and the loss of, or a significant reduction in orders by such customers could adversely affect its business. Revenues from any of its particular customers may vary significantly from reporting period to reporting period, depending on the nature of ongoing orders and the implementation schedule for such orders. The company has garnered 80.44%, 70.95% and 90.56% of its total revenue from top 10 customers in FY25, FY24 and FY23 respectively. Cancellation or orders by customers or delay or reduction in their orders could have a material adverse effect on its business, results of operations and financial condition.
Operational risk from supplier concentration: The company is dependent on a few suppliers for purchases of product/service. The company has bought 61.96%, 56.70% and 70.27% of its product/service from top 10 suppliers in FY25, FY24 and FY23 respectively. The company cannot assure that it will be able to get the same quantum and quality of supplies, or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases of stock and ultimately its revenue and results of operations.
Low traction and scalability risk in SaaS segment: The company’s Software as a Service (SaaS) revenue stream remains a minor contributor to its overall revenue and requires significant development and marketing efforts to enhance its revenue-generating potential. For the six-month period ended September 30, 2025, SaaS contributed only 29.57% of its total revenue. Its contribution in previous financial years was similarly limited, accounting for 16.65% in the financial year ended March 31, 2025, 7.77% in the financial year ended March 31, 2024, and 0.55% in the financial year ended March 31, 2023. Despite continuous efforts to market its SaaS product and expand into new global markets, the revenue generated from this segment remains relatively small. The scalability and long-term viability of this stream depend on further investment in product development, customer acquisition, and competitive positioning within the industry. There is an inherent risk that, without sufficient traction or adoption, the SaaS segment may take longer than expected to contribute meaningfully to overall revenue growth.
Outlook
Shipwaves Online is engaged in the business of digital freight forwarding and enterprise SaaS solutions. The company offers a unified platform for shipping and logistics, providing multimodal transportation solutions ocean, land, and air ensuring efficient, cost-effective, and reliable global shipment management. The company has diverse customer base across many sectors. It has comprehensive and customized third-party logistics solutions. On the concern side, the company is dependent on and derive a substantial portion of its revenue from a limited number of customers. Cancellation or orders by customers or delay or reduction in their orders could have a material adverse effect on its business, results of operations and financial condition. Moreover, the company is dependent on a few suppliers for purchases of product/service. The loss of any of these large suppliers may affect its business operations.
The company is coming out with an IPO of 4,69,60,000 equity shares of face value of Rs 1 each for cash at a fixed price of Rs 12 per equity share to mobilize Rs 56.35 crore. On performance front, the revenue from operations has been increased from Rs 9,671.02 lakh in FY 2023-24 to Rs 10,828.41 lakh in FY 2024-25 i.e. revenue from operation increased by Rs 1,157.40 lakh or 39.54% for the said period. Moreover, the restated profit after tax for FY 2024-25 has been increased 93.90% to Rs 1,219.87 lakh as against Rs 629.13 lakh in the FY 2023-24.
A cornerstone of its business strategy is leveraging technological innovation to revolutionize the logistics industry. It is committed to developing smart logistics solutions powered by cutting-edge technologies such as Artificial Intelligence (AI) and Machine Learning (ML). By harnessing these advanced tools, it aims to optimize supply chain processes, enhance predictive analytics, and enable real-time decision-making for greater efficiency and accuracy. Its vision is to create intelligent systems that automate routine tasks, reduce operational costs, and improve service quality, thereby delivering superior value to its customers. These innovations will not only streamline logistics operations but also provide actionable insights that drive strategic decision-making. As it continues to invest in technology, it is focused on staying ahead of industry trends and setting new benchmarks for excellence in the logistics sector, ensuring long-term growth and competitive advantage.
