Shadowfax files updated IPO papers to raise ₹2,000 crore
The company plans to use funds to develop infrastructure, cover lease payments, sort centers and for marketing.;
(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
Flipkart-backed logistics firm Shadowfax Technology has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI on October 31 to raise up to ₹2,000 crore through an Initial Public Offering (IPO). The company, which had its original DRHP cleared by SEBI via a confidential route on October 7, 2025.
The IPO structure comprises a fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) of shares worth ₹1,000 crore by existing investors.
Several investors and founders will be selling shareholders in the OFS, including Walmart's Flipkart Internet, Eight Roads Investments Mauritius, TPG's NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset, Qualcomm, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.
Currently, the company's promoters hold a 20.26% stake, while public shareholders account for the remaining 79.74%. Among the largest public shareholders are NewQuest Asia Fund, Eight Roads Investments Mauritius, and Flipkart Internet, each holding over a 14% stake.
Shadowfax plans to utilise the proceeds from the fresh issue. A total of ₹423.4 crore is for developing its network infrastructure, and ₹138.6 crore will cover lease payments for new first-mile, last-mile, and sort centers.
Additionally, ₹88.6 crore is allocated for branding, marketing, and communication costs. The rest of the funds will be used for unidentified inorganic acquisitions and general corporate purposes.
The technology-leveraged company's service network covers 14,758 Indian pin codes as of September 30, 2025. Its comprehensive service portfolio includes express forward parcel deliveries, reverse pickups, hand-in-hand exchange deliveries, prime deliveries, quick commerce, on-demand hyperlocal deliveries, and mobility services.
Financially, Shadowfax demonstrated robust performance for the six months ended September 2025. Consolidated profit stood at ₹21 crore, registering a 113.9% growth over the ₹9.8 crore net recorded in the same period last fiscal.
Revenue during this period surged 68.4% to ₹1,805.6 crore, up from ₹1,072 crore. The company's revenue in the April-September 2025 period already equaled 72% of its entire revenue for the previous fiscal year (₹2,485 crore). The firm processed 29.4 crore orders in these six months, showing a CAGR of 50.11% over the corresponding period last fiscal.
The IPO will be managed by merchant bankers ICICI Securities, Morgan Stanley India Company, and JM Financial.