Shadowfax Plans IPO in 2025

Logistics firm Shadowfax is preparing for its initial public offering (IPO) in 2025, marking a significant milestone towards becoming a public company. The board has officially sanctioned the transition of the company’s status from “Shadowfax Technologies Private Limited” to “Shadowfax Technologies Limited,” according to the latest regulatory filings.

This transformation follows a successful $16.8 million funding round as part of its Series F financing in February 2025, which included investments from Mirae Asset and Nokia Growth Partners. Shadowfax is reportedly set to issue an IPO estimated between Rs 2,500 and 3,000 crore later this year.

The IPO will feature a combination of newly issued equity shares along with an offer for sale (OFS) component, as detailed in the company’s filings. To facilitate this initial public offering, the company has engaged JM Financial, Morgan Stanley, and ICICI Securities as lead underwriters.

Established in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax is an e-commerce-centric logistics firm operating with 125,000 active delivery partners each month. The Bengaluru-based company has raised a total of $246 million to date, with Eight Road Ventures being the predominant external investor, followed by Flipkart, Newquest Asia, and Nokia Growth Partners.

Although the financial performance for FY25 has yet to be released, Shadowfax reported a significant 33.2% rise in revenue, reaching Rs 1,885 crore in FY24. Additionally, the company managed to reduce its losses by 91.7%, bringing them down to Rs 11.8 crore during the same fiscal year.