" "

IPO-bound logistics startup Shadowfax raises Rs 34 crore in funding

author-image
ISN Team
New Update
Abhishek Bansal, co-founder and CEO of Shadowfax

Abhishek Bansal, co-founder and CEO of Shadowfax

 Bengaluru-based logistics firm Shadowfax has raised Rs 34.24 crore (about $4 million) in its latest Series F funding round, according to media reports. 

The new investment is part of a larger plan to raise up to $50 million, and it follows a $100 million round concluded 11 months earlier.

Existing backers Mirae Asset and Nokia Growth Partners led this tranche, with Mirae Asset contributing Rs 17.44 crore and Nokia Growth Partners adding Rs 16.79 crore.

Valuation and growth plans

Advertisment

Shadowfax’s post-investment valuation stands at about Rs 5,981 crore ($712 million), a figure that may rise as more funds are expected in this round. 

Shadowfax has raised more than $200 million in total funding so far, with investors such as Eight Road Ventures, Flipkart, TPG NewQuest and others holding significant stakes.

Financial performance

The company reported a 33.2% rise in operating revenue to Rs 1,885 crore for the fiscal year ended March 2024, up from Rs 1,415 crore the previous year.

It also cut its net loss sharply, reducing it from Rs 142.6 crore to Rs 11.8 crore. Company leaders attribute this improvement to operational efficiency and the use of technology for tasks such as route optimization and automated warehousing.

IPO plans

Shadowfax is reportedly preparing to go public in the second half of 2025, targeting an initial public offering of Rs 2,500 crore to Rs 3,000 crore. The firm has tapped JM Financial, Morgan Stanley and ICICI Securities to lead the offering. 

To broaden its capabilities, Shadowfax recently acquired CriticaLog India, gaining a foothold in high-value logistics segments such as healthcare and information technology.

The company also has plans to build on its crowdsourcing model, which currently features 125,000 monthly active delivery partners and more than 3.5 million registered users across 2,500 cities and 18,000 pin codes in India.

Shadowfax began in 2015 as a food-delivery logistics provider before evolving into a full-service operation for e-commerce and direct-to-consumer businesses.

 

Subscribe