Shadowfax Technologies IPO Update: Logistics Startup Eyes Rs 2,000 Crore

Shadowfax Technologies, a logistics startup, has submitted an updated draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). This Flipkart-backed firm aims to raise a total of Rs 2,000 crore through a combination of fresh equity and an offer for sale (OFS).

Details of the IPO Structure

Previous reports by Startup Superb in July detailed the composition and size of the fresh issue and OFS elements. According to the updated DRHP, the IPO will consist of a fresh issue of shares valued at Rs 1,000 crore, along with an OFS of Rs 1,000 crore. Significant stakeholders such as Flipkart, Eight Roads Ventures, Mirae Asset, TPG, Nokia Growth Partners, and Snapdeal’s co-founders, Kunal Bahl and Rohit Bansal, will be selling parts of their equity during the OFS.

SEBI Approval Paves the Way

Earlier this month, Shadowfax obtained SEBI’s approval for its confidentially filed DRHP, which allowed the company to move forward with the updated documentation.

Company Background and Services

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based company specializes in last-mile delivery solutions. It is well-established in both e-commerce and hyperlocal logistics sectors. Shadowfax claims to operate a network of over 1.25 lakh active delivery partners monthly, serving grocery, food, and medicine deliveries across more than 14,000 pin codes.

Utilisation of IPO Proceeds

The proceeds from the fresh issue are earmarked for enhancing logistics infrastructure, bolstering technology capabilities, and exploring inorganic growth avenues. Additionally, a share of the funds will be allocated to settling existing debts.

Impressive Growth Statistics

Shadowfax reported a robust 32% year-on-year revenue increase, reaching Rs 2,485 crore in FY25, alongside a net profit of Rs 64 crore. In the first half of FY26, the company achieved revenues of Rs 1,805 crore with a profit of Rs 210 crore.