Logistics startup Shadowfax Technologies Limited has submitted a confidential draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
Sources indicate that the company plans to raise ₹2,000–₹2,500 crore through its IPO, combining fresh equity issuance with an offer for sale (OFS) by existing investors. Shadowfax is reportedly targeting a valuation of around ₹8,500 crore.
In its latest funding round held in February 2025, Shadowfax secured both primary and secondary investments at an estimated valuation of ₹6,000 crore.
According to a report, Shadowfax will use the proceeds from the fresh issue to expand capacity, accelerate growth, and strengthen its network business.
The e-commerce segment continues to be the company’s main revenue source, accounting for approximately 75% of its total business. The remaining 25% comes from quick commerce and hyperlocal delivery services.
Several prominent investors, including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds, have backed the logistics startup.
Shadowfax Technologies faces competition from several major players in the logistics space, including Delhivery, Shiprocket, XpressBees, and LetsTransport, among others.
Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax Technologies has emerged as one of India’s leading logistics and delivery service providers, with a strong focus on e-commerce, hyperlocal, and quick commerce solutions.
The company, moreover, is known for harnessing technology and artificial intelligence (AI) to build a responsive and efficient logistics network, which effectively serves diverse industries and complex delivery needs.
As a key player in the e-commerce logistics sector, Shadowfax offers end-to-end delivery solutions for businesses. In response to rising demand for faster delivery services, the company has significantly expanded its footprint in the hyperlocal and quick commerce segments, enabling fast intra-city deliveries for sectors like groceries, pharmaceuticals, and other time-sensitive categories.
Shadowfax has built an extensive logistics network, covering more than 2,200 cities and over 14,300 pincodes across India, allowing it to effectively cater to a wide and diverse customer base nationwide.
In a move to enhance its service capabilities, the company acquired tech-driven logistics firm CriticaLog in January 2025. This strategic acquisition has bolstered Shadowfax’s presence in specialized sectors such as healthcare, automotive, and IT supply chains, further enriching its service offerings and operational depth.
