Bengaluru, India:
Logistics startup Shadowfax has received the green light from the Securities and Exchange Board of India (SEBI) to proceed with its ₹2,500 crore initial public offering (IPO).
The IPO will include a fresh issue of equity shares and an offer for sale (OFS) by existing investors, which include Flipkart, Eight Roads Ventures, and NGP Capital. The SEBI nod comes nearly three months after the company filed its Draft Red Herring Prospectus (DRHP) via the confidential route.
According to reports, Shadowfax is eyeing a post-issue valuation of around ₹8,500 crore. The company was last valued at approximately ₹5,981 crore ($712 million) following a $16.8 million investment from Mirae Asset and Nokia Growth Partners during the first tranche of its Series F funding round in February 2024.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based startup has built one of India’s largest last-mile delivery networks, serving key segments such as e-commerce, grocery, food, and medicine delivery. The company claims to have over 1.25 lakh monthly active delivery partners across the country.
To date, Shadowfax has raised nearly $246 million in funding, with Eight Roads Ventures holding the largest external stake, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.
Financially, Shadowfax posted a revenue of ₹1,885 crore in FY24, registering a 33.2% year-on-year growth, while narrowing its losses by 91% to ₹11.8 crore—down from ₹142 crore in FY23. The company’s FY25 financials are yet to be filed.
With this regulatory approval, Shadowfax joins a growing list of startups gearing up for the public markets, including boAt, Wakefit, Lenskart, Capillary Technologies, Groww, and Pine Labs.
