Shadowfax files confidential DRHP for ₹2,500 crore IPO
In its last fundraise in February 2025, the company raised primary and secondary capital at an approximate valuation of ₹6,000 crore.;
(L-R): Praharsh Chandra, Co-founder and CBO, Abhishek Bansal, Co-founder and CEO, Gaurav Jaithliya, Co-founder and Chief of Strategy and Vaibhav Khandelwal, Co-Founder and CTO, Shadowfax. Photo Credit: Shadowfax
Shadowfax Technologies has filed a confidential draft red herring prospectus with SEBI for an initial public offering, which is expected to be in the range of ₹2,000 – ₹2,500 crore, comprising a mix of fresh issue and offer for sale (OFS) by existing shareholders.
The company is expected to be valued at around ₹8,500 crore.
In its last fundraise in February 2025, the company raised primary and secondary capital at an approximate valuation of ₹6,000 crore.
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, according to sources.
The e-commerce segment is the major revenue contributor, accounting for around 75% of the business. The remaining comes from quick commerce and hyperlocal deliveries.
Shadowfax is backed by marquee investors such as Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds.
Shadowfax is a logistics service provider for e-commerce, express parcel and value-added services with a distribution network covering over 2,200+ cities and more than 14,300 PIN codes.
The company is led by co-founders Abhishek Bansal, Praharsh Chandra, Gaurav Jaithliya, and Vaibhav Khandelwal. In February 2025, Shadowfax inducted Bijou Kurien, Ruchira Shukla and Pirojshaw Sarkari as independent directors on its board.