Shadowfax Technologies, a logistics service provider, has filed its Draft Red Herring Prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), for an Initial Public Offering (IPO).
As per sources, the IPO size is expected to be in the range of ₹2,000 – ₹2,500 crore, comprising a mix of fresh issue and offer for sale (OFS) by existing shareholders. The company is expected to be valued at around ₹8,500 crore.
In its last fundraise in February 2025, the company raised primary and secondary capital at an approximate valuation of ₹6,000 crore. The company plans to utilize the proceeds from the fresh issue towards enhancing capacity, driving growth, and further investments in the company’s network business, according to sources.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax provides last-mile delivery services focused on e-commerce and hyperlocal logistics.
The e-commerce segment is the major revenue contributor, accounting for around 75% of the business. The remaining comes from quick commerce and hyperlocal deliveries.
With a distribution network covering over 2,200+ cities and more than 14,300 PIN codes, Shadowfax claims to operate with over 1.25 lakh monthly active delivery partners across categories, including grocery, food, and medicine delivery.
Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds.
