Shadowfax Logistics IPO Approved by SEBI

Shadowfax Logistics has achieved a significant milestone by receiving approval from the Securities and Exchange Board of India (SEBI) for its Rs 2,500 crore initial public offering (IPO). This IPO will consist of a fresh issuance of equity shares and an offer for sale (OFS) from existing shareholders, which include Flipkart, Eight Roads Ventures, and NGP Capital.

This progress follows nearly three months after the company submitted its Draft Red Herring Prospectus (DRHP) through a confidential method. Shadowfax is aiming for a post-issue valuation estimated at around Rs 8,500 crore. The firm was last valued at approximately Rs 5,981 crore (about $712 million) after obtaining $16.8 million from Mirae Asset and Nokia Growth Partners in the initial tranche of its Series F funding round in February this year.

About Shadowfax Logistics

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax is based in Bengaluru and specialises in last-mile delivery services, particularly catering to e-commerce and hyperlocal logistics. The company boasts a network of over 1.25 lakh active delivery partners each month, servicing various sectors such as grocery, food, and medicine delivery.

Funding and Financial Performance

As per available data, Shadowfax has successfully raised around $246 million to date. Eight Roads Ventures is identified as the largest external investor, followed by significant stakeholders such as Flipkart, NewQuest Asia, and Nokia Growth Partners.

While the firm’s financial figures for FY25 have yet to be disclosed, it registered revenue of Rs 1,885 crore in FY24, reflecting a notable year-on-year growth of 33.2%. Furthermore, the company managed to significantly reduce its losses by 91%, bringing them down to Rs 11.8 crore in FY24 from Rs 142 crore in FY23.

With SEBI’s endorsement, Shadowfax becomes part of a growing list of companies like boAt, Wakefit, Lenskart, Capillary Technologies, Groww, and Pine Labs that have recently received approval to pursue public offerings.