Shadowfax gets SEBI approval for IPO; aims Rs 8,500 crore valuation

Bengaluru-based logistics startup Shadowfax Technologies has received clearance from the Securities and Exchange Board of India (SEBI) to launch its Rs 2,000-Rs 2,500 crore initial public offering (IPO).

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The offering will include both a fresh issue of shares and an offer for sale (OFS) by existing investors such as Flipkart, Eight Roads Ventures, and NGP Capital, according to media reports.

Shadowfax, which confidentially filed its draft red herring prospectus in July under SEBI’s pre-filing route, is expected to seek a post-issue valuation of around Rs 8,500 crore. That would represent a notable premium to its February 2025 valuation of about Rs 6,000 crore, when it raised $16.8 million from Mirae Asset and Nokia Growth Partners in the first tranche of its Series F round.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax operates a nationwide last-mile delivery network serving e-commerce, grocery, food, and medicine segments. The company says it works with more than 1.25 lakh monthly active delivery partners.

For FY 2024, Shadowfax reported revenue of Rs 1,885 crore, up 33.2% year-on-year, while net losses narrowed sharply to Rs 11.8 crore from Rs 142 crore in the previous fiscal.

The firm plans to deploy proceeds from the fresh issue toward expanding capacity and strengthening its logistics network. Roughly three-fourths of its revenue currently comes from e-commerce deliveries, with the balance generated from quick-commerce and hyperlocal logistics.

Backed by investors including TPG, Mirae Asset Ventures, Eight Roads Ventures, and Flipkart, Shadowfax competes with Delhivery, XpressBees, Ecom Express, Blue Dart, and Shiprocket in India’s fast-growing logistics and delivery sector.