Upcoming IPO: Indian logistics and delivery service provider Shadowfax Technologies has filed a confidential draft red herring prospectus (DRHP) with the capital markets regulator, Securities and Exchange Board of India (Sebi), to raise funds from the public markets through an initial public offering (IPO). 

According to people aware of the development, the company is seeking to raise between ₹2,000 and ₹2,500 crore, while the company is expected to be valued at nearly ₹8,500 crore. 

Shadowfax Technologies IPO Details

Shadowfax Technologies is offering a book-built public issue comprising a combination of fresh issue of equity shares and an offer for sale (OFS) component.

The company aims to use the proceeds from the fresh issue of the IPO to enhance its capacity, drive growth, and make further investments in its subsidiaries. 

Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures and Nokia Growth Funds are among the top marquee investors backing Shadowfax Technologies Limited.

In the last fundraising round in February 2025, the company raised primary and secondary capital at an approximate valuation of ₹6,000 crore, according to the press release.

“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,” said the company. 

About Shadowfax Technologies

Shadowfax Technologies is a logistics service provider for e-commerce, express parcel, and other value-added services, according to the company’s official website.

The company’s distribution network covers more than 2,200 cities and has access to more than 14,300 pin codes across India. The website data shows that the platform has 3.5 million users, with nearly 1.40 lakh quarterly delivery partners and 30 lakh verified riders.

The company started its logistics operations in 2015 as a pure last-mile food delivery/courier service, with more than 10,000 orders per day delivered in a year.

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