Shiprocket Ltd Auditor Reports

Independent Auditors Examination Report on the restated consolidated summary statements of assets and liabilities as at September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023 and the restated consolidated summary statements of profits and losses (including other comprehensive income), restated consolidated summary statement of cash flows and statements of changes in equity, the statement of material accounting policies and other explanatory information for each of the six months period ended September 30, 2025, September 30, 2024, and for each of the years ended March 31, 2025, March 31, 2024, and March 31, 2023 of Shiprocket Limited (formerly known as Shiprocket Private Limited, erstwhile Bigfoot Retail Solutions Private Limited) (collectively, the "Restated Consolidated Summary Statements")

To

The Board of Directors

Shiprocket Limited (formerly known as Shiprocket Private Limited, erstwhile Bigfoot Retail Solutions Private Limited)

Plot B, Khasra No. 360, Sultanpur,

South Delhi, Delhi - 110030

Dear Sirs,

1. We, S.R. Batliboi & Associates LLP, Chartered Accountants ("we" or "us" or "SRBA") have examined the attached Restated Consolidated Summary Statements of Shiprocket Limited (formerly known as Shiprocket Private Limited, erstwhile Bigfoot Retail Solutions Private Limited) its subsidiaries (the Company and its subsidiaries together referred as "the Group") and its Associate as at and for each of the six months period ended September 30, 2025 and September 30, 2024 and for each of the years ended March 31, 2025, March 31, 2024 and March 31, 2023, annexed to this report and prepared by the Company for the purpose of inclusion in the Updated Draft Red Herring Prospectus-I ("UDRHP-I") to be filed by the Company with the Securities and Exchange Board of India ("SEBI"), BSE Limited and National Stock Exchange of India Limited (collectively, the "Stock Exchanges") in connection with the proposed Initial Public Offer ("IPO") of equity shares of face value of Rs 10 each of the Company comprising a fresh issue of equity shares and an offer for sale of equity shares held by the selling shareholders of the Company (collectively, the "Offer"). The Restated Consolidated Summary Statements, which have been approved by the Board of Directors of the Company at their meeting held on November 24, 2025, have been prepared in accordance with the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act 2013 (the "Act");

b) Relevant provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and

c) The Guidance Note on Reports in Company Prospectus (Revised 2019) (as amended) issued by Institute of Chartered Accountants of India ("ICAI"), (the "Guidance Note")

Managements Responsibility for the Restated Consolidated Summary Statements

2. The preparation of the Restated Consolidated Summary Statements, which are to be included in the UDRHP-I is the responsibility of the Management of the Company. The Restated Consolidated Summary Statements has been prepared by the management of the Company on the basis of preparation stated in the paragraph 2.1 of Annexure V to the Restated Consolidated Summary Statements. The responsibility of management includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Summary Statements. The management is also responsible for identifying and ensuring that the Group complies with the Act, ICDR Regulations and Guidance Note.

Auditors Responsibilities

3. We have examined such Restated Consolidated Summary Statements taking into consideration:

a) The terms of reference and terms of our engagement agreed with you vide our engagement letter dated January 02, 2025 and November 10, 2025, requesting us to carry out the assignment work on such Restated Consolidated Statements proposed to be included in the UDRHP-I, in connection with the proposed Offer of the Company;

b) The Guidance Note also requires that we comply with ethical requirements of Code of Ethics issued by the ICAI;

c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Consolidated Summary Statements; and

d) The requirements of Section 26 of the Act and the ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the Offer.

Restated Consolidated Summary Statements

4. These Restated Consolidated Summary Statements have been compiled by the Management of the Company from:

a. Audited Ind AS interim consolidated financial statements of the Group as at and for the six months period ended September 30, 2025 which were prepared in accordance with the Ind AS 34, "Interim Financials Reporting" as specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, which have been approved by the Board of Directors at their meeting held on November 21, 2025;

b. Audited Ind AS interim consolidated financial statements of the Group as at and for the six months period ended September 30, 2024 which were prepared in accordance with the Ind AS 34, "Interim Financials Reporting" as specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended which have been approved by the Board of Directors at their meeting held on November 21, 2025;

c. Audited Ind AS consolidated financial statements of the Group as at and for the year ended March 31, 2025 which were prepared in accordance with the Ind AS, as prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, along with the presentation requirements of Division II of Schedule III to the Companies Act, 2013 (Ind AS compliant Schedule III), as applicable, which have been approved by the Board of Directors at their meeting held on September 29, 2025.

d. Audited Ind AS consolidated financial statements of the Group as at and for the year ended March 31, 2024 which were prepared in accordance with the Ind AS, as prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, along with the presentation requirements of Division II of Schedule III to the Companies Act, 2013 (Ind AS compliant Schedule III), as applicable, which have been approved by the Board of Directors at their meeting held on September 27, 2024.

e. Audited Ind AS consolidated financial statements of the Group as at and for the year ended March 31, 2023 which were prepared in accordance with the Ind AS, as prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, along with the presentation requirements of Division II of Schedule III to the Companies Act, 2013 (Ind AS compliant Schedule III), as applicable, which have been approved by the Board of Directors at their meeting held on September 27, 2023.

f. The Audited Ind AS consolidated financial statements referred to in paragraph 4 (a) to 4 (e) above include financial statements and other financial information in relation to the Companys subsidiaries (listed in Annexure 1), which are audited by other auditors.

5. For the purpose of our examination, we have relied on: -

a. Auditors reports issued by us, dated November 21, 2025 on the interim consolidated financial statements of the group as at and for the six months period ended September 30, 2025 and September 30, 2024 respectively as referred in paragraph 4 (a) and 4 (b) above and the auditors reports issued by us, dated September 29, 2025, September 27, 2024 and September 27, 2023 on the audited Ind AS consolidated financial statements of the Group as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively, as referred in paragraph 4 (c), 4 (d) and 4 (e) above.

The auditors report on the interim consolidated financial statements of the Group as at and for the periods ended September 30, 2025, and September 30, 2024, do not contain any qualifications requiring adjustments.

b. The auditors report on the audited Ind AS consolidated financial statements of the Group as at and for the year ended March 31, 2024, and March 31, 2023, includes the following emphasis of matter paragraph:

i) Our report dated September 27, 2024, on Consolidated Financial Statement as at and for the year ended on March 31, 2024 includes an emphasis of matter paragraph to indicate the impact of the adjustment related accounting for shared based expenses for incorrect cost accrual and corresponding adjustment in other equity, which had led to a restatement of the financial statements as at and for the year ended March 31, 2023 and as at April 01, 2022.

Our opinion is not modified with respect to this matter.

i) Our report dated September 27, 2023, on Consolidated Financial Statement as at and for the year ended on March 31, 2023 includes emphasis of matter paragraph which states that the auditor of Wigzo Technologies Private Limited, a subsidiary company, have included an Emphasis of Matter paragraph in their auditor report on the financial statements of that Company for the year ended March 31, 2023 with respect to establishment of robust internal control system and documentation and review of transactions and balances during the year. Accounting treatment for provision for doubtful advances to supplier of Rs 52.29 Mn and provision for doubtful receivables of Rs 7.31 Mn from customer recorded. Also, the balance of Rs 8.91 Mn for balances outstanding from customer have been written off during the year.

Our opinion is not modified with respect to this matter.

c. The audit report on Consolidated Financial Statements of the Group as at and for the year ended March 31, 2025 referred to in paragraph 4(c) above included the following under section Other Legal and Regulatory Requirements:

i) modifications relating to the maintenance of books of account and other matters connected therewith (included in part B of Annexure VI in the attached Restated Consolidated Summary Statements).

d. The audit report on Consolidated Financial Statements of the Group as at and for the year ended March 31, 2024 referred to in paragraph 4(d) above included the following under section Other Legal and Regulatory Requirements:

i) modifications relating to the maintenance of books of account and other matters connected therewith (included in part B of Annexure VI in the attached Restated Consolidated Summary Statements).

e. The audit report on Consolidated Financial Statements of the Group as at and for the year ended March 31, 2023 referred to in paragraph 4(e) above included the following under section Other Legal and Regulatory Requirements:

i) modifications on matters included in our report on the Companies (Auditors Report) Order, 2020 issued by the Central Government of India in terms of sub section (11) of section 143 of the Act which did not require any corrections (included in part B of Annexure VI in the attached Restated Consolidated Summary Statements).

ii) modifications relating to the maintenance of books of account and other matters connected therewith (included in part B of Annexure VI in the attached Restated Consolidated Summary Statements).

f. As indicated in Paragraph 4 (f) above and listed in Annexure 1, we did not audit the financial statements and other financial information of subsidiaries as at and for the six months ended September 30, 2025 and September 30, 2024 and as at and for the years ended March 31, 2025March 31, 2024 and March 31, 2023 whose financial statements reflect total assets, total revenues and net cash inflows/(outflow) as tabulated below and included in the Restated Consolidated Summary Statements:

(In Rs. Mn.)

As at and for the six months ended	No. of Subsidiaries	Total assets	Total revenue	Net cash inflow/(outflow)
September 30, 2025	4	831.83	190.57	(17.95)
September 30, 2024	3	795.56	220.97	8.60

As at and for the year ended	No. of Subsidiaries	Total assets	Total revenue	Net cash inflow/(outflow)
March 31, 2025	3	809.38	368.94	69.47
March 31, 2024	3	764.82	361.45	(152.60)
March 31, 2023	2	1,971.64	254.90	55.00

These financial statements and other financial information have been audited by other firms of Chartered Accountants as listed in 4 (f) above, whose financial statements, other financial information and reports have been furnished to us by the Company s management and our opinion in so far as it relates to the amounts included in the financial statements referred to in paragraph 4 above are based solely on the report of other auditors.

g. The consolidated financial statements referred into paragraph above 4 (a) to 4 (e) include unaudited financial statements and other unaudited financial information have been furnished to us by the management (listed in Annexure 2). Our opinion, in so far as it relates amounts and disclosures include in respect of these subsidiaries, and our report in terms of sub-sections (3) of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries, is based solely on such unaudited financial statements and other unaudited financial information. In our opinion and according to the information and explanations given to us by the management, these financial statements and other financial information are not material to the Group. These unaudited financial statements reflect total assets, total revenues and net cash inflows/(outflow) as tabulated below and included in the Restated Consolidated Summary Statements:

(In Rs. Mn.)

As at and for the six months ended	No. of Subsidiaries	Total assets	Total revenue	Net cash inflow/(outflow)
September 30, 2025	1	7.11	0.00	(0.53)
September 30, 2024	1	7.62	2.18	(1.14)

(In Rs. Mn.)

As at and for the year ended	No. of Subsidiaries	Total assets	Total revenue	Net cash inflow/(outflow)
March 31, 2025	1	7.64	2.16	am

6. In respect of examination performed by other auditors:

a. The audits of the Companys subsidiaries as at and for the six months period ended September 30, 2025 and September 30, 2024 and as at and for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 was conducted by other auditors and accordingly reliance has been placed on the restated consolidated statement of assets and liabilities, the restated consolidated statements of profit and loss (including other comprehensive income), restated consolidated statements of changes in equity and cash flow statements, the statement of significant accounting policies, and other explanatory information (the "Subsidiary Restated Statements") examined by them for the said periods. The examination report included for the said period is based solely on the examination reports submitted by the other auditors. The other auditors have also confirmed that the Subsidiary Restated Statements:

(i) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the six months period ended September 30, 2025 and September 30, 2024 and in the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed for the six months period ended September 30, 2025.

(ii) does not contain any qualifications requiring adjustments; and

(iii) have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

b. Based on our examination and according to the information and explanations given to us as at and for the six months period ended September 30, 2025 and September 30, 2024 and as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and also as per the reliance placed on the examination reports submitted by other auditors as at and for the six months period ended September 30, 2025, September 30, 2024 and as at and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 in respect of the Companys subsidiaries, we report that Restated Consolidated Summary Statements of the Group:

(i) have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/reclassifications retrospectively in the financial statements for the six months period ended September 30, 2024 and for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/ classifications followed as at and for the six months period ended September 30, 2025;

(ii) There are no qualifications in the auditors reports on the audited Ind AS consolidated financial statements of the Group as at and for each of the period/year ended September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023 which require any adjustments to the Restated Consolidated Summary Statements.

However, items relating to emphasis of matter, and qualifications related to legal and regulatory matters and those qualifications on matters included in our report on the Companies (Auditors Report) Order, 2020 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, as referred to in paragraph 5 (a) and 5 (b) above do not require any corrective adjustments to the Restated Consolidated Summary Statements, have been disclosed in Annexure VI to the Restated Ind AS Statements; and

(iii) have been prepared in accordance with the Act, ICDR Regulations and Guidance Note.

7. We have not audited financial statements of the Group as of any date or for any period subsequent to September 30, 2025. Accordingly, we express no opinion on the financial position, results of operations, cash flows and changes in equity of the Group as of any date or for any period subsequent to September 30, 2025.

8. The Restated Consolidated Summary Statements do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the audited Ind AS consolidated financial statements mentioned in paragraph 4 above.

9. This report should not be in any way construed as a reissuance or re-dating of any of the previous audit reports issued by us nor should this report be construed as a new opinion on any of the audited Ind AS consolidated financial statements referred to herein.

10. We have no responsibility to update our report for events and circumstances occurring after the date of the report.

11. Our report is intended solely for the use of the Board of Directors for inclusion in the UDRHP-I to be filed with Securities and Exchange Board of India, National Stock Exchange of India Limited and B SE Limited in connection with the proposed

March 31, 2024	2	65.80	29.85	6.24
March 31, 2023	1	58.00	6.00	11.00

Offering as set forth in the paragraph 1 above of this report. Our report should not be used, referred to or distributed for any other purpose.

For S.R. Batliboi & Associates LLP

ICAI Firm Registration No.: 101049W/ E300004

Chartered Accountants

per Sanjay Bachchani Partner

Membership No: 400419

UDIN: 25400419BMOPSQ4065

Place: Gurugram Date: November 24, 2025

AnnexureI

List of Subsidiaries audited by other auditors

Name of the Entity	Relationship	Name of Audit Firm	Period audited by Other Auditor
Swiftly Commerce Tech Private Limited (formerly known as Wigzo Technologies Private Limited)	Subsidiary	ADMS & Co.	Year ended March 31,2023 and March 31, 2024,
Shiprocket Merchant App Private Limited	Subsidiary	ADMS & Co.	Year ended March 31,2025 and March 31, 2024, and for the six months period ended September 30, 2025, and September 30, 2024
Shiprocket Omuni Private Limited (formerly known as Arvind Internet Limited)	Subsidiary	ADMS & Co.	Year ended March 31, 2025 and for the six months period ended September 30, 2025 and September 30, 2024,
		Mukesh M and Shah & Co.	Year ended March 31,2024
		Sorabh S Engineer &Co.	Year ended March 31,2023
Shiprocket Pte. Ltd.	Subsidiary	ADMS & Co.	Year ended March 31, 2025 and for six months period ended September 30, 2025 and September 30, 2024
Logitrust Freight Services Private Limited	Subsidiary	ADMS & Co.	For the six months period ended September 30, 2025

Annexure 2

Name of Entity	Relationship	Period
Shiprocket Pte. Ltd. #	Subsidiary	For the year ended March 31, 2024, and March 31, 2023
Shiprocket Inc	Subsidiary	For year ended March 31, 2025 and March 31, 2024, and for the six months period ended September 30, 2025 and September 30, 2024

# The Consolidated Financial Statements of the Group as at and for the years ended March 31, 2024 and March 31, 2023 included unaudited Financial Statements of Shiprocket Pte. Ltd. Subsequent to the adoption of statutory Consolidated Financial Statements of the Group the audit of the said subsidiary has been performed by other auditors