Shadowfax Technologies Pvt. Ltd., one of India's fastest-growing logistics and last-mile delivery platforms, is preparing to enter the capital markets with an initial public offering (IPO) aimed at raising between ₹2,000 crore to ₹2,500 crore. The development marks a major milestone for the Bengaluru-based logistics firm, which has gained prominence for serving India’s booming e-commerce sector.

The company is reportedly set to file its draft red herring prospectus (DRHP) confidentially with the Securities and Exchange Board of India (SEBI) next week, according to reports from PTI.

Confidential Filing Route Chosen by Shadowfax

In a strategic move, Shadowfax has opted for the confidential filing route, a relatively new framework introduced by SEBI that allows companies to submit their DRHPs without making them publicly available until the company is closer to listing. This approach gives flexibility to the issuer and helps assess investor sentiment and market timing before full disclosure.

The confidential route is becoming popular among new-age and tech-driven startups, as it reduces public scrutiny during the early filing stage and allows for regulatory feedback before engaging with the broader public.

IPO Structure and Valuation

The public issue is expected to include:

• Fresh Issue of Shares – to infuse capital into the business

• Offer for Sale (OFS) – where existing shareholders will sell a part of their holdings

According to sources, the company is targeting a valuation of approximately ₹8,500 crore through this IPO. This is a sharp uptick from the ₹6,000 crore valuation at which the company last raised funds in February 2025.

The OFS component will allow early investors and venture capital firms to partially unlock value, while the fresh capital will support business expansion.

Use of IPO Proceeds

Proceeds from the IPO’s fresh issue portion will be used to:

• Enhance infrastructure and logistics capacity

• Support business growth across key verticals

• Invest in technology and delivery innovation

• Expand its reach in the network delivery and quick commerce space

This capital infusion will help Shadowfax solidify its position in India's high-growth logistics and hyperlocal delivery segment, where it is already a market leader.

Company Background and Growth Journey

Founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax has emerged as one of the most formidable players in e-commerce logistics in India.

Key Highlights of the Company:

• Primary Revenue Source: Over 75% of Shadowfax’s revenue comes from e-commerce logistics, including express parcel services.

• Other Segments: The remaining 25% is driven by quick commerce and hyperlocal deliveries.

• Extensive Network: The company covers 2,200+ cities and over 14,300 PIN codes, making it one of the most extensive last-mile networks in the country.

Its business model is heavily tech-driven, relying on smart routing, real-time tracking, and a large fleet of partner delivery personnel.

Backed by Strong Institutional Investors

Shadowfax is supported by several high-profile investors who have guided its growth:

• Flipkart – E-commerce giant and one of the earliest backers

• TPG Growth – A global private equity major

• Eight Roads Ventures – Backed by Fidelity

• Mirae Asset Ventures – A top global asset manager

• Nokia Growth Funds – Investment arm of the telecom technology firm

With such a powerful cap table, Shadowfax has enjoyed strategic guidance, funding support, and strong market credibility.

Market Opportunity and Competitive Advantage

India’s e-commerce and quick commerce sectors are witnessing explosive growth, driven by rising consumer expectations for fast delivery, especially in Tier 2 and Tier 3 cities.

Shadowfax, with its AI-powered logistics engine, wide geographical coverage, and reliable fulfilment network, is well-positioned to serve this demand.

The company’s asset-light model, use of crowdsourced delivery partners, and data-driven delivery optimization are key differentiators.

Industry Context and IPO Timing

The IPO comes at a time when several tech and logistics startups are exploring public listings, and investor appetite for growth-driven logistics companies remains robust.

India’s IPO markets have seen renewed activity in 2025, with investors showing strong interest in scalable, tech-enabled businesses, especially in sectors like:

• E-commerce infrastructure

• Logistics and supply chain

• Consumer tech and SaaS

Shadowfax’s confidential filing could allow it to gauge the right market window, reduce risk from pre-IPO scrutiny, and time its listing for optimal impact.

Looking Ahead: Roadmap and Expansion Plans

As Shadowfax prepares for its public listing, the company is expected to focus on:

• Strengthening its delivery ecosystem with new micro-fulfilment hubs

• Entering new markets, including cross-border deliveries and B2B logistics

• Enhancing proprietary technology platforms to improve speed, reliability, and cost efficiency

• Expanding enterprise offerings beyond e-commerce to healthcare, FMCG, and direct-to-consumer brands

A successful IPO will not only boost Shadowfax’s brand value, but also provide the capital needed for scaling operations at a national and international level.

Final Thoughts:

The upcoming IPO of Shadowfax reflects the company’s confidence in its business model, growth prospects, and market leadership. With strong investor backing, solid fundamentals, and a tech-first logistics network, Shadowfax is poised to make a significant impact on the public markets.

Its confidential SEBI filing also reflects a mature approach to IPO preparedness, allowing flexibility and market-driven listing decisions. For investors, analysts, and industry stakeholders, Shadowfax's IPO is one to watch closely in the coming months.

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