Shadowfax co-founders Vaibhav Khandelwas and Abhishek Bansal have infused INR 65.4 crore in the company as a part of its pre-IPO funding. The above capital was approved on 04 March 2025 at a valuation of USD 750 million (~INR 6.518.51 crore). The following funding is a tiny part of the company’s ongoing USD 50 million (~INR 4,344.6 crore) funding round.
Breakdown of Shadowfax Co-Founders Contributions
Abhishek Bansal and Vaibhav Khandelwal have contributed INR 37.3 crore and INR 28.1 crore, respectively. According to a filing to regulatory, the company’s board approved 21,358 Series Y1, Y2, and Y3 compulsory convertible preference shares (CCPS) to the co-founders at INR 30,638 per share.
Additional Fundraising
Shadowfax is raising funds aggressively before its planned IPO in H2 2025. In a separate filing, the company disclosed that it raised INR 10.9 crore (~USD 1.25 million) from IMM India Fund through the issue of 1,838 Series F CCPS. This is after the company raised INR 96.2 crore (~USD 11.03 million) from Edelweiss Discovery Fund, NewQuest Asia Fund IV (Singapore) and InCred Growth Partners Fund in February 2025. Mirae Asset and Nokia Growth Partners also invested INR 34.24 crore (~USD 3.93 million) as part of the Series F round. The latest tranche of INR 141.2 crore (~USD 16.8 million) in the Series F round is a boost to the company.
Shadowfax IPO
Shadowfax is planning to list by the end of 2025, the company is targeting to raise between INR 2,500 to 3,000 crore (USD 286.73 million – 344.08 million). Following the IPO, Shadowfax is eyeing a valuation of INR 5,000 to 8,000 crore (~USD 573.46 million – 917.54 million). However, market conditions may influence the final valuation. For the seamless IPO process, Shadowfax has hired JM Financial, Morgan Stanley and ICICI Securities as the lead managers.
Business Growth and Competition
Shadowfax was founded in 2015, it provides hyperlocal and on-demand delivery solutions to well-known e-commerce players like Flipkart and Meesho. Shadowfax is operational in 2,500+ cities. The company’s total fundraising has reached over USD 212 million (~INR 1,847.5 crore). Delhivery, Ecom Express, XpressBees, Shiprocket, LoadShare, Ripple and Pickrr are the prime competitors of the company.
Shadowfax is growing rapidly, with revenue growing 33.2% YoY to INR 1,884.8 crore in FY24 from INR 1,415.1 crore in FY23. The company has also reduced its losses by 91.7%, reporting an adjusted profit after tax (PAT) of INR 2 crore in FY24 from a loss of INR 123.8 crore in FY23.
In comparison, Delhivery had INR 8,142 crore revenue in FY24 with losses of INR 249 crore from INR 1,008 crore in FY23. BlueDart had INR 5,267 crore revenue but saw a 21% decline in profit to INR 289 crore.
Moves and Future Plans
Shadowfax is moving towards premium logistics and quick commerce and becoming a leader in same-day express delivery. The company recently acquired CriticaLog, a logistics company for high-value products like electronics, auto spare parts, jewellery and pharmaceuticals.
The company also launched SF Shield, an AI-powered logistics security system that uses geospatial algorithms and real-time video analytics to reduce fraud and operational inefficiencies.
Conclusion
Shadowfax funding from its founders gives a lot of confidence in the business model before Shadowfax IPO. With a clear growth strategy, industry-leading partnerships and technology, Shadowfax is well placed to carve out a big piece of the pie in the Indian logistics market.
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