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Flipkart-backed Shadowfax gets SEBI nod for IPO
Shadowfax had filed its draft red herring prospectus (DRHP) confidentially with SEBI in July 2025.
Shadowfax reported Rs 1,885 crore in revenue in FY24, a 33% year-on-year increase, while losses narrowed sharply by 91% to Rs 11.8 crore from Rs 142 crore in FY23.
Flipkart-backed logistics firm Shadowfax Technologies Limited has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO).
The proposed IPO will include a fresh issue of equity shares along with an offer for sale (OFS) by existing investors, including Eight Roads Ventures and NGP Capital, according to the company.
Shadowfax had filed its draft red herring prospectus (DRHP) confidentially with SEBI in July 2025.
As per media reports, the IPO size is expected to be in the range of Rs 2,000-Rs 2,500 crore. The company plans to utilise the net proceeds to expand capacity, accelerate growth initiatives, and strengthen its logistics network.
Currently valued at around Rs 5,900 crore, the IPO is likely to peg the company’s post-listing valuation at approximately Rs 8,500 crore, reports suggest.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax reported Rs 1,885 crore in revenue in FY24, a 33% year-on-year increase, while losses narrowed sharply by 91% to Rs 11.8 crore from Rs 142 crore in FY23.
The company operates in India’s fast-growing logistics sector, competing with Delhivery, Shiprocket, XpressBees, and LetsTransport.
Notably, Shiprocket has also filed for an IPO through the confidential route, reportedly aiming to raise Rs 2,000–Rs 2,400 crore for technology upgrades, acquisitions, and logistics expansion. Delhivery, which debuted on the Indian stock exchanges in 2022 with a Rs 5,235 crore IPO, had seen a 1.6x subscription at the time.
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