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Economic Times
01-07-2025
- Business
- Economic Times
Shadowfax files IPO papers; UPI cools in June
Logistics firm Shadowfax has become the latest new-age company to confidentially file for its IPO. This and more in today's ETtech Top 5. Also in the letter: ■ India's unicorn check ■ AI talent war rages on■ VCs' AI flight Shadowfax files confidential prospectus for its IPO (L-R), Vaibhav Khandelwal, Praharsh Chandra, Gaurav Jaithliya & Abhishek Bansal, cofounders, Shadowfax Hyperlocal logistics firm Shadowfax has filed a draft red herring prospectus (DRHP) with Sebi under the confidential route, as per a newspaper advertisement. Why it matters: The Flipkart-backed company is seeking to raise Rs 2,000-2,500 crore through its IPO, with approximately half of the funds coming from a primary share issue. By filing confidentially, Shadowfax can gauge investor appetite and tweak its offer terms without immediately putting sensitive financials into the public domain. ET reported on June 27 about Shadowfax's plans for a confidential filing. By the numbers: FY24 operating revenue: Rs 1,885 crore (up 33% YoY) Rs 1,885 crore (up 33% YoY) Ebitda: Rs 23 crore Rs 23 crore Net loss: Rs 12 crore (down 92% YoY) What's next: The company plans to deploy Rs 1,000-1,100 crore from the primary proceeds to scale up its quick-commerce delivery vertical, which is gaining momentum and showing healthier margins. The big picture: Shadowfax is part of a broader wave of new-age startups gearing up to go public. Others in the queue include PhysicsWallah, Curefoods, Urban Company, Capillary Technologies, Groww, Pine Labs, and Wakefit. Under the radar: Following Swiggy's confidential draft filing last year, a growing number of new-age companies are opting for the same route. Shadowfax, along with PhysicsWallah, Groww, Shiprocket, and Boat, have all submitted their draft papers confidentially. Also Read: What is confidential IPO filing, and why do startups choose it? UPI sees marginal dip in June transactions, value down 4% The Unified Payments Interface (UPI), operated by the National Payments Corporation of India (NPCI), recorded a marginal dip in both transaction volume and value in June. By the numbers: UPI processed 18.40 billion transactions during the month, slightly down from 18.68 billion in May. The total value fell 4% to Rs 24.04 lakh crore from Rs 25.14 lakh crore, according to NPCI data released on July 1. What's behind the dip? Industry executives pointed to seasonal factors. May saw a boost from high-volume events, such as the Indian Premier League, which weren't present in June. Still, they noted that year-on-year volume growth remains strong and most expect the overall upward trend to hold. UPI also faced multiple service disruptions recently, affecting users of Google Pay, PhonePe, Paytm, and banking apps. NPCI blamed the April 12 outage on a surge in API requests from certain banks. Other channels The Immediate Payment Service (IMPS) processed 448 million transactions worth Rs 6.06 lakh crore, down from 464 million transactions worth Rs 6.41 lakh crore in May. Aadhaar Enabled Payment System (AePS) volumes slipped to 97 million from 105 million. FASTag transactions reached 386 million, down from 404 million. NPCI financials: NPCI reported a 41.7% jump in net profit to Rs 1,552 crore for FY25. As a not-for-profit, this is booked as a revenue surplus. Standalone revenue rose 19% to Rs 3,270 crore in FY25 from Rs 2,749 crore in FY24. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. India mints only five unicorns so far; investors say 2021-style boom unlikely to return India's startup ecosystem kicked off 2025 on a high, with fleet-management company Netradyne hitting unicorn status early in the year. But, six months in, just four others – Porter, Drools, BlueStone, and Jumbotail – have joined the club. Fall from the peak: That's a far cry from the heady days of 2021, when India minted 45 unicorns in a single year. Most investors now view that as a one-off, fuelled by ultra-low interest rates, a post-pandemic digital surge, and aggressive global capital. That environment, they agree, isn't coming back. Yearwise: The number of unicorns in India since 2021: 2021: 45 45 2022: 22 22 2023: 2 2 2024: 6 6 2025: 5, till June 30. Tread lightly: Following 2021, investors have become far more selective. The emphasis has moved from blitzscaling to building more sustainable businesses. Metrics like unit economics, burn rate, and gross margins now carry more weight than topline growth alone. Also Read: SoftBank-backed Netradyne, India's first unicorn of 2025, eyes profitability by year-end Investor take: 'Fund managers are now strongly committed to thesis-driven investing and a metric-driven valuation approach. This has led to more appropriate valuations in new funding rounds. This is most visible in the slower pace of new unicorn creations in India,' Abhishek Prasad, managing partner, Cornerstone Ventures, told ET. Also Read: Dhan closes in on $200 million fundraise from ChrysCap, Alpha Wave, MUFG AI talent war: OpenAI acquihires the team behind Crossing Mind Sam Altman, CEO, OpenAI and Mark Zuckerberg, CEO, Meta There's a meme doing the rounds on X: 'On the left is Ronaldo. Real Madrid paid $80M to sign him from Man United. On the right is Jiahui Yu. Meta paid $100M to sign him from OpenAI.' It's funny, but it captures the serious, high-stakes race for AI talent in Silicon Valley. Driving the news: On Monday, Meta showed just how aggressive it's getting. In a major announcement, CEO Mark Zuckerberg introduced Meta Superintelligence Labs, a new unit that will lead its AI charge. The team includes 11 top researchers poached from OpenAI, Anthropic and Google. Shopping on: OpenAI, feeling the heat, has responded with an acquihire of its own. It picked up the team behind Crossing Minds, known for building AI recommendation tools for ecommerce. This follows a string of buys, including io, Windsurf, Rockset and Digital Illumination, as it doubles down on product and research talent. VCs on AI flight to Valley A growing number of Indian venture capital firms are heading to San Francisco to plug into the US AI boom and catch the next big wave before it hits home. Taking flight: Elevation Capital and Peak XV Partners have established a presence in Silicon Valley. Others like Blume Ventures are making regular trips there as the region's AI energy picks up. Elevation Capital has brought on Capillary Tech cofounder Krishna Mehra to anchor its US presence. Peak XV has opened a San Francisco office and tapped ex-Y Combinator principal Arnav Sahu to lead deals. Sources indicate that VC firm Z47 is also seeking to build out its US footprint. Insider's take: Two Bengaluru-based investors told ET they're flying out more often to track cutting-edge developments. 'Travelling there is eye-opening in terms of what is happening in AI and the kind of talent density that is available there,' one investor said. Updated On Jul 01, 2025, 07:51 PM IST
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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.
