Shadowfax Files for Rs 2,500 Crore IPO via Confidential Route

Shadowfax Technologies, a leading logistics and delivery services provider, has filed its Draft Red Herring Prospectus (DRHP) under the confidential route with SEBI to raise Rs 2,000 to Rs 2,500 crore through an Initial Public Offering (IPO). Backed by Flipkart and global investors, the company is positioning itself as a strong player in India’s rapidly expanding logistics sector.

A) IPO Overview

• IPO Size: Rs 2,000 to Rs 2,500 crore

• Filing Route: Confidential SEBI filing

• Structure: Expected to include a mix of fresh issue and offer for sale (OFS), likely split equally

• Expected Valuation: Around Rs 8,500 crore post-IPO

• IPO Lead Managers: ICICI Securities, JM Financial, Morgan Stanley

• Use of Proceeds:

  • Expansion of delivery capacity

  • Strengthening of logistics network

  • Further growth and technology investments

The confidential route allows the company to assess market conditions and defer public disclosure until the IPO launch is imminent, thereby safeguarding sensitive business information from competitors like Delhivery and Ekart.

B) About Shadowfax Technologies

Founded in 2015 by IIT Delhi alumni Vaibhav Khandelwal and Abhishek Bansal, Shadowfax is based in Bengaluru and is one of India’s fastest-growing logistics platforms. The company specializes in:

• Rapid parcel delivery

• Same-day and next-day shipping

• Doorstep-to-doorstep exchange

• Quick commerce with 10-minute delivery capability

Shadowfax has a wide reach, covering over 18,000 pin codes and more than 2,500 cities across India. It handles more than 2 million package deliveries per day and is a trusted logistics partner for major platforms such as Flipkart, AJIO, and Nykaa.

C) Financial Performance (FY24)

• Revenue: Rs 1,884 crore (up 33% year-on-year)

• EBITDA: Rs 23 crore (achieved profitability)

• Net Loss: Reduced sharply to Rs 12 crore (down 92%)

In February 2025, the company was valued at approximately Rs 6,000 crore in a funding round. The upcoming IPO aims to build on this momentum.

D) Strategic Growth and Expansion

Shadowfax has taken several strategic steps to prepare for its public debut:

• Acquisition of CriticaLog India: Enhances capabilities in high-value and B2B logistics

• Board Strengthening: To align with corporate governance standards for listed companies

• Operational Expansion: Focus on increasing delivery speed, coverage, and technological integration

E) Strong Investor Backing

Shadowfax is backed by a robust set of institutional investors, including:

• Flipkart

• TPG

• Eight Roads Ventures

• Mirae Asset Ventures

• Nokia Growth Fund

F) Broader IPO Context in Startup Ecosystem

Shadowfax joins a wave of new-age startups opting for public listings in 2025. In recent weeks, Pine Labs, Wakefit, and Curefoods have also filed DRHPs, collectively targeting Rs 4,000 crore in primary capital. Shadowfax's IPO alone adds another Rs 1,000 to Rs 1,250 crore to this trend.

Meanwhile, Meesho and Lenskart are also preparing to file confidentially for IPOs estimated at Rs 8,500 crore each.

Conclusion

Shadowfax’s IPO marks a significant step in the evolution of India’s logistics sector and offers an exciting opportunity for investors tracking the unlisted and pre-IPO space. With strong financial performance, expansive operations, and solid investor backing, the company is well-positioned to make a successful public debut. Investors should keep a close eye on listing developments and the final DRHP when it becomes public.

Disclaimer: This article is for informational purposes only and is not intended as investment advice. Readers are advised to conduct their own due diligence and consult financial advisors before making any investment decisions.