In a significant development that signals its next phase of growth, Bengaluru-based logistics major Shadowfax Technologies has secured board approval to raise INR 2,000 crore through an IPO. The public issue will comprise a fresh issuance of equity shares worth INR 1,000 crore and an offer for sale (OFS) of equity shares valued at INR 1,000 crore.
Shadowfax board gave nod to IPO plan, setting the stage for Shadowfax to make its market debut in the latter half of the current financial year. The IPO filing has been made through the confidential pre-filing route with the Securities and Exchange Board of India (SEBI), a path increasingly favoured by new-age tech-driven enterprises.
Backed by Flipkart, Eyeing INR 8,500 Cr Valuation
Shadowfax is reportedly targeting a post-issue valuation of INR 8,500 crore. This would mark a considerable jump from its current valuation of approximately INR 5,981 crore, which followed a USD 16.8 million investment from Mirae Asset and Nokia Growth Partners during the first tranche of its Series F round in February 2025.
Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal — later joined in leadership by Praharsh Chandra and Gaurav Jaithlia — Shadowfax has grown into a formidable player in the last-mile logistics space. The company provides delivery solutions for e-commerce giants, direct-to-consumer (D2C) brands, and hyperlocal segments, including food, medicine, and grocery.
Over the years, the company has raised approximately USD 246 million (~INR 2,128 crore) from notable investors including Flipkart, Eight Roads Ventures, TPG, Mirae Asset Ventures, NewQuest Asia, and Nokia Growth Funds.
Strengthening the Board for the Public Leap
In preparation for its public offering and in a move that underscores its commitment to governance and leadership depth, Shadowfax recently expanded its Board of Directors. Key appointments include:
- Praharsh Chandra, Chief Business Officer, and
- Gaurav Jaithlia, Head of Business Strategy,
Both have been elevated as Whole-Time Directors. Their appointment reflects an emphasis on internal leadership and long-term strategic alignment.
Additionally, Dinkar Gupta, a distinguished Indian Police Service (IPS) officer and former Director General of the National Investigation Agency (NIA), has joined as a Non-Executive Independent Director. Gupta brings with him years of experience in institutional oversight and national governance.
Other independent directors inducted include Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari, further bolstering the company’s governance framework ahead of the IPO.
“This is a defining milestone for us,” remarked Abhishek Bansal, Chairman and CEO of Shadowfax. “The collective leadership and governance experience now embedded in our board positions us strongly as we enter the public markets.”
Robust Financial Performance in FY24
Shadowfax’s financials present a compelling narrative. The company posted an operating revenue of INR 1,884.8 crore in FY24, marking a 33.2% increase from INR 1,415.1 crore in FY23. Most notably, it slashed its net losses by nearly 92% — from INR 142.6 crore in FY23 to just INR 11.8 crore in FY24. These figures demonstrate operational discipline and scalability, which are likely to resonate with investors as the IPO approaches.
Advisors and Timeline
ICICI Securities, JM Financial, and Morgan Stanley have been appointed as lead managers to advise and manage the IPO process.
While the company has not yet disclosed an exact timeline for the IPO roadshow or listing, sources suggest Shadowfax is aiming for a listing within the current financial year, following regulatory approvals and market conditions.
Looking Ahead
From its modest beginnings a decade ago to now eyeing unicorn status, Shadowfax’s upcoming IPO not only marks a financial milestone but also reflects the broader evolution of India’s tech-driven logistics ecosystem. With strengthened governance, sustained growth, and a clear market position, Shadowfax is set to become a key contender among publicly traded logistics companies in India.
As the IPO journey unfolds, all eyes will be on how public market investors respond to the story of a logistics startup that has grown, consolidated, and now aspires to scale new heights with public capital.
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