Shadowfax files confidential DRHP with SEBI to raise up to Rs 2,500 crore through an IPO

Hyperlocal logistics startup Shadowfax has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board (SEBI) through the confidential route, according to a newspaper advertisement by the company. The company is reportedly aiming to raise between Rs 2,000 crore and Rs 2,500 crore through an IPO.

The move comes nearly three months after the company transitioned into a public entity, and follows months of speculation about its listing plans. According to an ET report, Shadowfax plans to raise approximately half the issue size via a primary share sale. The remainder will come through an offer for sale (OFS) by existing investors, including Flipkart, Eight Roads Ventures, and NGP Capital.

By opting for a confidential filing, Shadowfax joins a growing list of Indian startups, including boAt, Shiprocket, PhysicsWallah, and Groww that are testing investor sentiment without immediately disclosing business metrics or financial details. The mechanism allows companies to fine-tune their offering and gauge market response privately before making the DRHP public.

Improved financials

Shadowfax reported operating revenue of Rs 1,885 crore in fiscal year 2024, marking a 33.2% increase over the previous year. The company also narrowed its net loss to Rs 11.8 crore, down from Rs 142 crore in FY23 and reported positive EBITDA of Rs 23 crore.

The logistics company is reportedly targeting a post-issue valuation of Rs 5,500–6,000 crore. Earlier this year, the company was valued at around Rs 5,981 crore (approximately $712 million) during the first tranche of its Series F round, according to TheKredible.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax has emerged as a key player in last-mile logistics, with a focus on e-commerce and on-demand delivery. The company claims to operate a fleet of more than 1.25 lakh monthly active delivery partners and covers sectors such as groceries, food, and pharmaceuticals.

To date, it has raised approximately $246 million in capital. Eight Roads Ventures is currently its largest external shareholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.

A wave of startup IPOs

Shadowfax’s filing is part of a broader trend among India’s late-stage startups preparing to list on stock exchanges. Over the past few months, Urban Company, Capillary Technologies, Pine Labs, Wakefit, and Curefoods have all filed their DRHPs, while Meesho and Lenskart are expected to do in the coming weeks.