Shadowfax to File DRHP for ₹2,000Cr IPO via Confidential Route

Shadowfax, a hyperlocal logistics firm, plans to file a draft red herring prospectus for its upcoming IPO through the markets regulator SEBI’s confidential route within a month, Economic Times reported.

As per the report, the firm aims to raise ₹2,000–2,500 crore through the listing, with half coming from a fresh share offering. The valuation could range between ₹5,500 crore and ₹6,000 crore, depending on market conditions at the time of listing.

In a February funding round, Shadowfax was valued at nearly ₹6,000 crore, raising approximately ₹140 crore from existing investors including Mirae Asset Venture, Nokia Growth Partners and others.

The majority of the ₹1,000–1,100 crore to be raised from the primary share sale “will be invested in bulking up its quick offerings,” the first individual said. “The company has been seeing massive traction emerging from quick deliveries…and its economics have also been improving,” ET reported a source saying.

The company has appointed ICICI Securities, JM Financial and Morgan Stanley as bankers for its offering.

Shadowfax Turns Public

Shadowfax’s board recently passed a resolution to change its status to a public company and rename it from Shadowfax Technologies Private Limited to Shadowfax Technologies Limited, according to its regulatory filing.

The company’s conversion follows a $16.8 million investment (part of the Series F round) in February 2025 from Mirae Asset and Nokia Growth Partners. JM Financial, Morgan Stanley and ICICI Securities have been appointed lead bankers for the IPO.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaithliya, Shadowfax is an e-commerce-focused logistics service with 125,000 monthly active delivery partners.

According to startup-data analytics platform TheKredible, the Bengaluru-based company has raised $246 million to date. Eight Road Ventures is the largest external stakeholder, followed by Flipkart, NewQuest Asia and Nokia Growth Partners.

While the company has yet to release its FY 25 financials, Shadowfax reported a 33.2 % year-on-year revenue increase to ₹1,885 crore in FY 24. During the same period, its losses decreased by 91.7 % to ₹11.8 crore.