Logistics startup Shadowfax converts to public entity, all set for IPO launch

Logistics startup Shadowfax has taken a major leap toward its anticipated stock market listing by becoming a public company.

The Bengaluru-based startup's board has approved a resolution to change its status from a private company to a public company, renaming itself from "Shadowfax Technologies Private Limited" to "Shadowfax Technologies Limited," as per recent regulatory filings.

This corporate shift sets the stage for an initial public offering (IPO) later this year that is likely to raise between Rs 2,500 crore and Rs 3,000 crore, according to reports.

Transition to a public company

Shadowfax's board approved the resolution to go public, and the startup is expected to file a draft red herring prospectus in the coming months. The IPO will consist of new equity shares as well as an offer for sale by existing investors.

Founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the startup began as a hyperlocal delivery service for food ordering platforms. Over time, it has grown into a full-fledged third-party logistics provider, serving major e-commerce players such as Flipkart, Meesho, and Nykaa.

Financial performance

Shadowfax has reported a strong performance in the financial year that ended March 2024, with revenue rising 33.2% year-on-year to Rs 1,885 crore.

The startup also managed to narrow its net losses dramatically, bringing them down to Rs 11.8 crore from Rs 142.6 crore the previous fiscal year. Most notably, Shadowfax achieved EBITDA profitability with an operating profit of Rs 23 crore.

To date, Shadowfax has raised a total of $246 million (about Rs 2,104 crore). In February 2025, it reportedly secured $16.8 million (about Rs 140 crore) from Mirae Asset and Nokia Growth Partners as part of its extended Series F round.

Appointing bankers for IPO

Shadowfax has reportedly appointed ICICI Securities, JM Financial, and Morgan Stanley as lead managers for the IPO. The board has also welcomed new independent directors, including consumer goods veteran Bijou Kurien, Synapses VC co-founder Ruchira Shukla, and former Mahindra Logistics CEO Pirojshaw Sarkari.

With major investors such as Eight Roads Ventures, Flipkart, TPG NewQuest, Mirae Asset, Nokia Growth Partners, and Qualcomm on board, Shadowfax is set to join a growing list of Indian startups ready to test the public markets.