The Securities and Exchange Board of India has officially cleared Shadowfax Technologies to proceed with its Initial Public Offering. This milestone comes three months after the company submitted its confidential Draft Red Herring Prospectus, marking a major step in Shadowfax’s journey toward becoming one of India’s few listed logistics technology firms.
IPO Details And Expected Valuation
According to company filings, Shadowfax plans to raise ₹2,000 crore through its upcoming public issue, comprising a fresh share issue of up to ₹1,000 crore and an offer for sale of up to ₹1,000 crore. The company is reportedly seeking a post-IPO valuation of around ₹8,500 crore, representing a 40 percent increase from its ₹6,000 crore valuation during the February 2025 funding round.
Major existing investors, including Flipkart, Eight Roads Ventures, and NGP Capital, are expected to offload part of their holdings through the offer for sale.
Strong Financial Performance And Recovery
Shadowfax’s financial growth over the past year has been impressive. The company reduced its net loss by nearly 92 percent in FY24, recording ₹11.8 crore in losses compared to ₹142.6 crore in FY23. Its operating revenue surged by 33 percent, reaching ₹1,884.8 crore from ₹1,415 crore the previous year.
While the FY25 numbers are yet to be disclosed, the company’s consistent improvement in profitability and operational efficiency has positioned it as one of the strongest players in India’s rapidly evolving logistics sector.
Expanding Market Presence
Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax provides last mile delivery solutions to e-commerce platforms and direct-to-consumer brands. The company operates across more than 500 cities, offering express and eco-friendly hyperlocal delivery services across categories such as food, grocery, and courier logistics.
With over 1.4 lakh delivery partners and coverage across 14,300 pincodes, Shadowfax claims to have completed over one billion deliveries to date. Its clients include leading names like Flipkart, Nykaa, Uber, ONDC, Mokobara, and Meesho.
Growing Competition In The Logistics IPO Space
Shadowfax joins a wave of logistics players turning to the public markets. Shiprocket, another major player in the sector, has already filed for a ₹2,500 crore IPO with SEBI earlier this year. Meanwhile, Delhivery and BlackBuck are already listed, having set strong benchmarks for new entrants.
The Indian logistics industry is experiencing rapid expansion, projected to grow from $228 billion in 2024 to over $357 billion by 2030, with a compound annual growth rate of 7.7 percent. This growth, driven by e-commerce, D2C brands, and digital supply chain transformation, has made logistics one of the most promising sectors for investors.
What Lies Ahead For Shadowfax
With SEBI’s green light, Shadowfax is expected to proceed with roadshows and finalize its issue size and pricing details soon. Market experts believe the company’s improved financials and strong backing from top investors could generate high interest among institutional and retail investors alike.
The IPO is likely to be a key milestone in Shadowfax’s journey toward profitability and market leadership, further cementing its role in shaping India’s logistics technology ecosystem.
Follow You Finance on Instagram and Facebook for the latest updates, insights, and analysis from the world of business, finance, and startups.
