Ahead of its IPO, Bengaluru-based logistics startup Shadowfax has officially become a public company by dropping the “Private” from its name to become Shadowfax Technologies Limited. This is a great turning point in the company’s journey towards its much anticipated IPO later this year, which is expected to raise between INR 2,500 to 3,000 crore.
The company’s board has approved the resolution, and it has been filed with the Ministry of Corporate Affairs. Now the company can file its draft red herring prospectus (DRHP) in the upcoming months. Shadowfax IPO will be a mix of fresh and an offer-for-sale (OFS) by existing shareholders.
A Company on a Growth Spurt
The company was founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaithliya. Shadowfax started as a hyperlocal logistics player for food delivery platforms and has since become a full-fledged third-party logistics (3PL) company. Today, it serves primarily ecommerce clients including Flipkart, Meesho and Nykaa and has over 1.25 lakh active delivery partners across the country.
Shadowfax has been doubling down on the quick commerce segment, in line with the industry trend of faster and same-day deliveries. The company also acquired CriticaLog India earlier this year, which has strengthened its logistics reach to over 2,500 cities and 18,000+ pincodes.
Financials
In FY24, Shadowfax delivered a solid operational performance:
- Revenue grew 33.2% year-on-year to INR 1,885 crore.
- Net losses narrowed sharply by nearly 92% to INR 11.8 crore from INR 142.6 crore in FY23.
- More importantly, the firm swung to EBITDA profitability, clocking an operating profit of INR 23 crore.
This turnaround is viewed as a crucial step in bolstering investor confidence ahead of its IPO. The company has not yet disclosed its FY25 financials, but has maintained momentum with recent fundraises.
Funding Momentum and Valuation Surge
Shadowfax has raised a cumulative USD 246 million (~INR 2,104 crore) to date. In February 2025, the company secured USD 16.8 million (~INR 140 crore) in extended Series F funding from Mirae Asset and Nokia Growth Partners. This followed an INR 96.2 crore raise from Edelweiss Discovery Fund, NewQuest Asia, and others.
In March, the cofounders themselves infused INR 65.4 crore into the company through the allotment of Series Y CCPS. Abhishek Bansal contributed INR 37.3 crore, while Vaibhav Khandelwal invested INR 28.1 crore—underscoring their confidence in Shadowfax’s public market prospects.
The company is also raising a larger USD 50 million round (~INR 427.79 crore), and its post-money valuation currently stands at USD 750 million (~INR 6,500 crore), according to filings.
Board, Bankers, and Backers
Shadowfax has roped in ICICI Securities, JM Financial, and Morgan Stanley as lead managers for the IPO. The board was recently strengthened with the appointment of three independent directors:
- Bijou Kurien (Consumer Goods veteran)
- Ruchira Shukla (Cofounder, Synapses VC)
- Pirojshaw Sarkari (Former CEO, Mahindra Logistics)
Among its backers are notable names, including Eight Roads Ventures (largest external shareholder), Flipkart, TPG NewQuest, Mirae Asset, Nokia Growth Partners, and Qualcomm. The Series E round in early 2024, led by TPG NewQuest, also saw a partial exit by Eight Roads, its first institutional investor.
Looking Ahead
Shadowfax is entering the public market at a time when several other high-growth Indian startups—Meesho, Shiprocket, Lenskart, Urban Company, Bluestone, PhysicsWallah, and Zetwerk—are also exploring IPOs. The move signals increasing maturity and public market readiness among India’s new-age tech and logistics ventures.
In a competitive space that includes Delhivery (already listed), Ecom Express, XpressBees, Shiprocket, Ripple, LoadShare, and Pickrr, Shadowfax’s strong growth, quick commerce pivot, and leaner financial profile place it on solid ground as it eyes life on the bourses.
Final Word
From a humble on-demand delivery platform to an IPO-ready logistics powerhouse, Shadowfax’s journey underscores the rise of India’s logistics tech ecosystem. Its conversion to a public entity is more than just a regulatory formality—it is a declaration of intent to scale, diversify, and lead in a sector that’s rapidly becoming the backbone of the e-commerce boom. For the company and its backers, all eyes are now on the DRHP and the eventual street debut.