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Business Standard
01-07-2025
- Business
- Business Standard
Flipkart-backed Shadowfax Technologies files for Rs 2,500 crore IPO
Shadowfax Technologies Ltd, a logistics firm backed by Flipkart, has filed a confidential draft red herring prospectus with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), according to people familiar with the matter. The offering is expected to raise between Rs 2,000 crore and Rs 2,500 crore through a combination of fresh issuance and an offer for sale by existing shareholders. The IPO could value the company at around Rs 8,500 crore, the people said. This represents a significant premium to its February 2025 funding round valuation of approximately Rs 6,000 crore, reflecting investor confidence in the logistics sector's growth prospects. In its last fundraise in February 2025, the company raised primary and secondary capital at an approximate valuation of Rs 6,000 crore. The company plans to utilise the proceeds from the fresh issue towards enhancing capacity, driving growth, and further investments in its network business, according to sources. The e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business, positioning Shadowfax to benefit from India's booming online retail sector. The remainder comes from quick commerce and hyperlocal deliveries. Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures and Mirae Asset Ventures. The IPO filing comes as Shadowfax is tapping the Indian logistics market, valued at Rs 9 trillion in FY23, which is projected to grow significantly, reaching Rs 13.4 trillion by FY28, registering a compound annual growth rate (CAGR) of 8–9 per cent, according to a recent report by Motilal Oswal. This growth is being fuelled by structural shifts, technological advancements, and government initiatives aimed at reducing logistics costs and improving infrastructure. With a robust distribution network covering over 2,200 cities and more than 14,300 PIN codes, Shadowfax has established itself as one of the leading firms in the logistics industry, analysts say. But it faces competition from several logistics and delivery companies in India, including Delhivery, XpressBees, Ecom Express, Blue Dart, and Shiprocket. These companies operate in similar spaces, offering express delivery, e-commerce logistics, and hyperlocal delivery services, with some like Delhivery already public and others exploring similar IPO paths. Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based Shadowfax Technologies counts more than 1.25 lakh monthly active delivery partners. It has raised $247 million in funding to date, according to data provider Tracxn. Eight Roads Ventures holds the largest external stake at about 25 per cent, followed by Flipkart at 15.6 per cent, according to Tracxn. Other backers include NGP and Mirae Asset, while the founding team retains a combined 20 per cent stake. The company reported a 33.2 per cent rise in revenue to Rs 1,885 crore in fiscal 2024 and narrowed its losses sharply to Rs 11.8 crore, down nearly 92 per cent from the previous year.
Mint
27-06-2025
- Business
- Mint
Shadowfax eyes ₹2,500 crore IPO, confidential filing with SEBI expected next week: Details here
Shadowfax, a TPG-backed logistics service provider, is reportedly getting ready to file draft papers with capital market regulator Sebi for its initial public offering (IPO) through the confidential route early next week. The company aims to raise up to ₹ 2,500 crore, according to a Reuters report. The confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages. According to Reuters, the IPO of Shadowfax is expected to be in the range of ₹ 2,000-2,500 crore, comprising a mix of fresh issue of shares and offer for sale (OFS) by existing shareholders The company is also projected to be valued around ₹ 8,500 crore post-IPO. The company plans to use the funds from the fresh issue towards increasing capacity, driving further growth, and making additional investments in the company's network business, as per the sources. In February this year, the company had raised funds at an approximate valuation of ₹ 6,000 crore. Bengaluru-based Shadowfax was founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya. The company is a leading logistics service provider for e-commerce express parcels and other value-added services. Shadowfax is backed by a strong roster of investors, including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. The e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business, and the remaining comes from quick commerce and hyperlocal deliveries, the news agency said.
Mint
27-06-2025
- Business
- Mint
Shadowfax eyes ₹2,500 crore IPO, confidential filing with SEBI expected next week: Details here
Shadowfax, a TPG-backed logistics service provider, is reportedly getting ready to file draft papers with capital market regulator Sebi for its initial public offering (IPO) through the confidential route early next week. The company aims to raise up to ₹2,500 crore, according to a Reuters report. The confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages. IPO details and valuation According to Reuters, the IPO of Shadowfax is expected to be in the range of ₹2,000-2,500 crore, comprising a mix of fresh issue of shares and offer for sale (OFS) by existing shareholders The company is also projected to be valued around ₹8,500 crore post-IPO. Shadowfax to boost network The company plans to use the funds from the fresh issue towards increasing capacity, driving further growth, and making additional investments in the company's network business, as per the sources. In February this year, the company had raised funds at an approximate valuation of ₹6,000 crore. Investor backing and business focus Bengaluru-based Shadowfax was founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya. The company is a leading logistics service provider for e-commerce express parcels and other value-added services. Shadowfax is backed by a strong roster of investors, including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. Also Read | 24 IPOs mobilise ₹9500 crore in June as primary market activity picks up The e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business, and the remaining comes from quick commerce and hyperlocal deliveries, the news agency said. Market presence The logistics company's robust distribution network covers over 2,200 cities and more than 14,300 PIN codes, solidifying its position as a market leader in the industry.
Economic Times
27-06-2025
- Business
- Economic Times
Shadowfax likely to file confidential DRHP papers to raise Rs 2,500 crore next week
TPG-backed logistics service provider Shadowfax is likely to file draft papers with capital markets regulator Sebi through a confidential route for its IPO to raise up to Rs 2,500 crore early next week, according to sources. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads TPG-backed logistics service provider Shadowfax is likely to file draft papers with capital markets regulator Sebi through a confidential route for its IPO to raise up to Rs 2,500 crore early next week, according to confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later said that the Initial Public Offering (IPO) of Shadowfax is expected to be in the range of Rs 2,000-2,500 public issue comprises a mix of fresh issue of shares and offer for sale (OFS) by existing shareholders. The company is expected to be valued around Rs 8,500 crore, they company plans to utilise the proceeds from the fresh issue towards enhancing capacity, driving growth, and further investments in the company's network business, as per the February this year, the company had raised funds at an approximate valuation of Rs 6,000 Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business and the remaining comes from quick commerce and hyperlocal in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the company stands as one of India's leading logistics service provider for e-commerce express parcel and value-added a robust distribution network covering over 2,200-plus cities and more than 14,300 PIN codes, Shadowfax has established itself as a market leader in the logistics industry.
Time of India
27-06-2025
- Business
- Time of India
Shadowfax likely to file confidential DRHP papers to raise Rs 2,500 crore next week
TPG-backed logistics service provider Shadowfax is likely to file draft papers with capital markets regulator Sebi through a confidential route for its IPO to raise up to Rs 2,500 crore early next week, according to sources. The confidential pre-filing route allows a company to withhold public disclosure of details under the draft red herring prospectus (DRHP) until later stages. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When the Camera Clicked at the Worst Possible Time Read More Undo Sources said that the Initial Public Offering (IPO) of Shadowfax is expected to be in the range of Rs 2,000-2,500 crore. The public issue comprises a mix of fresh issue of shares and offer for sale (OFS) by existing shareholders. The company is expected to be valued around Rs 8,500 crore, they added. The company plans to utilise the proceeds from the fresh issue towards enhancing capacity, driving growth, and further investments in the company's network business, as per the sources. Live Events In February this year, the company had raised funds at an approximate valuation of Rs 6,000 crore. Bengaluru-based Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds. The e-commerce segment is the major revenue contributor, accounting for around 75 per cent of the business and the remaining comes from quick commerce and hyperlocal deliveries. Founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the company stands as one of India's leading logistics service provider for e-commerce express parcel and value-added services. With a robust distribution network covering over 2,200-plus cities and more than 14,300 PIN codes, Shadowfax has established itself as a market leader in the logistics industry.
