Shipwaves Online Limited is a digital freight forwarding and logistics technology company offering instant rates, online booking, real-time visibility, and SaaS-based logistics tools to global shippers . The company earns revenue through freight forwarding (FCL, LCL, NVOCC, Air Cargo, Road Transport), digital platform services, and enterprise SaaS solutions . Its solutions are used by exporters, importers, SMEs, and large enterprises for shipment planning and supply chain optimization.

Key Clients & Facilities
The company derives over 75% revenue from top 10 customers and 34–68% from top 1 customer, indicating a concentrated client group across logistics, export, and trading industries . Shipwaves does not own manufacturing facilities as it is a logistics technology business. It operates from a registered office in Mangalore and a branch office in Mumbai, equipped with servers, ERP systems, and digital infrastructure for managing freight operations. The UAE subsidiary operates from Dubai for Middle East logistics services .

Product Portfolio & Order Book
Shipwaves provides Ocean FCL, LCL, NVOCC, Air Cargo, Road Transport, Trade Finance, Warehousing, Customs Clearance, and an enterprise SaaS suite including order management, rate procurement, planning, visibility, and analytics . These services directly support client supply-chain lifecycles by improving efficiency and lowering costs. Revenue is diversified across forwarding and SaaS segments, with strong recurring demand; however, formal “order book” figures are not applicable due to the transactional nature of logistics services.

Mergers, Capex & Expansion Plans
The company has no mergers in the past 10 years . Future expansion includes: ₹1,713.05 lakh for working capital, ₹1,000 lakh investment into the Dubai subsidiary, ₹1,500 lakh loan repayment, and further global expansion of sales teams in Europe, North America, and Far East markets . The UAE subsidiary investment aims to tap Middle East trade flows and improve margins and revenue diversification .

Employees & Bankers

As of the October 31, 2025, our Company has 35 employees. The Banker to the Company is AXIS BANK LIMITED.

MANAGEMENT & VISION

Shipwaves is led by experienced promoters with over 40 years of combined logistics experience and a qualified management team driving digital transformation in freight forwarding . Their vision focuses on expanding global presence, enhancing SaaS offerings, building a wider customer base, and increasing export-driven revenue. For funding expansion and capex, management plans to use IPO proceeds, internal accruals, and improved debt capacity after repayment of ₹1,500 lakh loans, reducing leverage and enabling cost-efficient borrowing for future growth .

INDUSTRY OVERVIEW

Indian Logistics Industry
India’s logistics sector is experiencing transformation with rapid tech adoption, multimodal network expansion, and infrastructure push. Organised, tech-driven logistics players are expected to grow at a CAGR of ~32% from 2022–2027, increasing their market share to 12–15% by FY27 .

Indian SaaS Industry
India’s SaaS market is projected to reach US$50 billion by 2030, driven by AI integration, cybersecurity investments, and cloud adoption across BFSI, manufacturing, and supply chain sectors. Indian SaaS firms generated US$5.9 billion revenue in 2023, with strong growth expectations .

Global SaaS Market
Globally, the SaaS industry is estimated to reach USD 1267.5 billion by 2032, growing at a CAGR of 18.3%, driven by enterprise cloud migration and digital transformation across industries .

RISK FACTORS

1. High Customer Concentration
   Over 75% revenue comes from top 10 clients, and 34–68% from a single customer. Loss or reduction of business from these clients may significantly impact revenue stability and cash flows .
2. Dependency on Third-Party Transporters
   The freight forwarding business relies heavily on external transporters, shipping lines, and logistics partners. Any disruption, delay, capacity shortage, or pricing surge by these partners can directly affect service quality and margins.
3. Working Capital Intensive Operations
   The company has high working capital needs, using internal accruals and short-term borrowings. As of 30 Sept 2025, total borrowings stood at ₹4,003.88 lakh, making liquidity management crucial .
4. Global Trade Volatility
   Logistics demand is sensitive to geopolitical tensions, war situations, commodity price fluctuations, and regulatory changes in import/export laws, which can impact shipping volumes and international trade flows.
5. Competitive Industry Landscape
   The logistics and SaaS markets are highly competitive with global players offering similar solutions. Competitive pricing, technology upgrades, and customer acquisitions require continuous investment to maintain positioning.
6. Subsidiary Performance Risk
   The UAE subsidiary shows revenue fluctuations with a 69% decline in H1 FY26. Any instability in Middle East trade or operational challenges may affect consolidated performance .
7. Technology & Cybersecurity Risks
   As a digital logistics platform, any cyber breach, system downtime, or failure of digital infrastructure can disrupt customer operations and damage the company’s credibility.

KEY STRENGTHS & OPPORTUNITIES

1. Strong Export Revenue Base
   Shipwaves has established strong export-driven freight business capabilities, supported by international operations in Dubai, helping it serve global routes efficiently and capture fast-growing export markets.
2. Experienced Promoters & Robust Execution Team
   With decades of logistics experience, the promoter group provides operational strength, industry relationships, and strategic vision. The company also has a skilled management team enabling efficient execution and technological expansion.
3. Integrated SaaS & Logistics Platform
   The dual model of freight forwarding plus enterprise SaaS strengthens the business moat, offering end-to-end digital supply-chain solutions that increase customer stickiness and recurring revenue potential .
4. Strong Client & Supplier Relationships
   Long-term ties with clients and suppliers enhance reliability and business continuity. The strong supplier network reduces dependency risks and helps maintain competitive pricing in a dynamic freight market.
5. Expansion Opportunities Across Global Markets
   Planned expansion in Europe, North America, and Far East regions offers large market potential. The UAE subsidiary further strengthens Middle East access and increases revenue diversification.
6. Technology-Led Cost Efficiency
   The company’s digital dashboard, real-time tracking, automated documentation, and analytics tools enable customers to reduce cost, improve visibility, and streamline logistics cycles, creating a strong value proposition.