Upcoming IPO: Shadowfax Technologies Files Confidential DRHP with SEBI to Raise Up to ₹2,500 Crore

Shadowfax Technologies, a leading logistics and last-mile delivery solutions provider in India, has confidentially submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), marking its intention to go public through an initial public offering (IPO).

According to reports, the company aims to raise between ₹2,000 crore and ₹2,500 crore through the IPO, which could potentially value the company at approximately ₹8,500 crore.

IPO Structure and Fund Utilisation

The proposed IPO will follow the book-building process and include a mix of fresh issuance of equity shares along with an Offer for Sale (OFS) by existing shareholders.

Proceeds from the fresh issue are expected to be directed towards business expansion, scaling operational capabilities, and strategic investments in Shadowfax’s subsidiaries to support future growth initiatives.

Shadowfax Technologies is backed by an impressive lineup of marquee investors, including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds.

In its most recent funding round held in February 2025, the company raised capital—both primary and secondary—at a valuation of around ₹6,000 crore. The company highlighted that e-commerce delivery forms the backbone of its revenue, contributing nearly 75% to the topline. The rest is generated from the rapidly growing quick commerce and hyperlocal delivery segments.

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About Shadowfax Technologies

Shadowfax Technologies offers an integrated logistics platform specialising in e-commerce, express parcel delivery, and a suite of value-added logistics services.

Its vast delivery network spans over 2,200 cities and touches more than 14,300 pin codes across India. As per company data, the platform serves over 3.5 million users and boasts a robust workforce, including approximately 1.4 lakh active quarterly delivery partners and 30 lakh verified riders.

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