Upcoming IPO: Shadowfax Files DRIHP with SEBI to Launch ₹2,000 Cr IPO

Logistics startup Shadowfax is gearing up to raise ₹2,000 crore (approximately $235 million) through its upcoming initial public offering (IPO), as per its filing with the Registrar of Companies (RoC). This move follows the company’s recent submission of its draft red herring prospectus (DRHP) to SEBI via the confidential filing route.

Shadowfax IPO Details

Shadowfax IPO will include a fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) of shares by existing stakeholders amounting to another ₹1,000 crore.

Leading financial institutions ICICI Securities, JM Financial, and Morgan Stanley, have been appointed as the advisors to manage the public issue.

Backed by Flipkart, Shadowfax has also taken steps to enhance corporate governance ahead of its public debut. It has appointed co-founder Gaurav Jaithliya as a whole-time director. In compliance with regulatory norms, the board has also welcomed four independent directors: Bijou Kurien, Ruchira Shukla, Pirojshaw Sarkari, and Dinkar Gupta.

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The company is reportedly eyeing a post-IPO valuation of around ₹8,500 crore, up from its current estimated value of ₹5,981 crore (~$712 million). The present valuation came after a $16.8 million investment from Mirae Asset and Nokia Growth Partners during the first tranche of its Series F funding round in February 2025.

About Shadowfax

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Bengaluru-based Shadowfax operates as a last-mile delivery service with a stronghold in e-commerce and hyperlocal logistics. The company claims a vast network of over 1.25 lakh monthly active delivery partners, catering to verticals such as grocery, food, and medical deliveries.

To date, Shadowfax has raised around $246 million as per Entrackr. Eight Roads Ventures holds the largest external stake, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.

While financials for FY25 are yet to be disclosed, Shadowfax reported a revenue of ₹1,885 crore in FY24, reflecting a 33.2% year-on-year growth. Notably, it also managed to significantly reduce its losses, from ₹142 crore in FY23 to just ₹11.8 crore in FY24, a 91% drop.

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