Shadowfax Technologies: Logistics and Last-Mile Delivery Innovations

Shadowfax Technologies, a prominent logistics and last-mile delivery company, has successfully acquired roughly Rs 850 crore ($95 million) from anchor investors, signifying a robust commencement ahead of its initial public offering. As per the disclosed information, this Bengaluru-based enterprise has allocated nearly 6.9 crore equity shares to anchor investors at Rs 124 per share, which aligns with the upper tier of the IPO’s price range.

Investment Breakdown and Key Investors

The anchor book experienced participation from a diverse range of leading domestic mutual funds alongside global institutional investors. ICICI Prudential Mutual Fund emerged as the principal anchor investor among domestic entities, with Nippon India Mutual Fund, Motilal Oswal Mutual Fund, and several insurance and pension funds also making notable contributions.

From the international arena, distinguished entities such as Government Pension Fund Global (Norges Bank), HSBC Global Investment Funds, Societe Generale, and Eastspring Investments acquired stakes during the anchor round.

Components of the IPO

Shadowfax’s IPO consists of a fresh issue amounting to around Rs 1,000 crore, coupled with an offer-for-sale (OFS) segment approximating Rs 907 crore. Renowned backers including Flipkart India, Eight Roads Investments, International Finance Corporation, Nokia Growth Partners, NewQuest Asia Fund, and Miare Asset plan to divest portions of their stakes.

Retail Investor Participation

The lot size has been designated at 120 shares, indicating that retail investors will require around Rs 14,880 at the upper end of the price band to apply for a single lot. Shadowfax aims for a post-money valuation approaching Rs 7,400 crore, which is lower than initial internal assessments.

Company Overview and Growth Metrics

Established in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based entity specializes in last-mile delivery solutions across e-commerce and hyperlocal domains, catering to over 14,000 pin codes through a network of 1.25 lakh delivery partners.

Various data indicates that Shadowfax has raised approximately $246 million to date. Eight Roads Ventures stands as the largest external stakeholder, with Flipkart, NewQuest Asia, and Nokia Growth Partners also holding significant stakes.

Shadowfax reported a 32% year-on-year revenue increase, reaching Rs 2,485 crore in FY25, along with a net profit of Rs 6.4 crore. During the first half of FY26, the firm recorded Rs 1,806 crore in revenue and a profit of Rs 21 crore.