Shadowfax Technologies IPO: A Deep Dive into India’s Fastest-Growing Logistics Startup Going Public
India’s logistics scene has been heating up, and the upcoming Shadowfax Technologies IPO is one of the most talked-about listings of the year.
If you’ve ever wondered who’s behind those quick doorstep deliveries, Shadowfax is probably part of your story.
Let’s break down what this IPO means, how the company works, and why it’s catching everyone’s attention.
At a Glance: What is Shadowfax Technologies?
Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax began with a clear goal — to make deliveries faster, smarter, and more reliable for businesses and customers across India.
The company’s platform connects merchants, delivery partners, and consumers in real-time, creating an agile, tech-driven logistics network.
From food and grocery delivery to e-commerce and healthcare logistics, Shadowfax has built a reputation as India’s go-to last-mile logistics player.
By FY2025, it had covered over 14,000+ pin codes, partnered with 4,000+ delivery hubs, and employed a crowdsourced fleet of 2 lakh+ riders.
Shadowfax Technologies IPO Details
| Particulars | Details (Tentative) |
| IPO Type | 100% Book Built Issue |
| Face Value | ₹10 per share |
| Total Issue Size | ₹20,000 million (₹2,000 crore) |
| Fresh Issue | ₹10,000 million |
| Offer for Sale (OFS) | ₹10,000 million |
| Listing | NSE and BSE |
| Lead Managers | ICICI Securities, Morgan Stanley, JM Financial |
| Registrar | KFin Technologies Limited |
| Promoters | Abhishek Bansal & Vaibhav Khandelwal |
| Tentative Launch | Q4 FY2025–26 |
Infographic Summary: Key Takeaways
Here’s a quick snapshot of everything investors need to know about the Shadowfax Technologies IPO
| Category | Key Details |
| Business Type | Tech-driven logistics and last-mile delivery |
| Founded | 2015, Bengaluru |
| Promoters | Abhishek Bansal and Vaibhav Khandelwal |
| IPO Size | ₹2,000 crore (Fresh + OFS) |
| Biggest Selling Shareholders | Flipkart, Eight Roads, NewQuest, IFC, Mirae Asset |
| Use of Proceeds | Working capital, tech expansion, prepayment of loans |
| Financial Turnaround | From ₹1426M loss (FY23) → ₹210M profit (H1 FY26) |
| Valuation Range (Est.) | ₹6,000–₹7,500 crore (expected) |
| Key Strengths | Large fleet base, strong client partnerships, tech integration |
| Risks | Dependence on key clients (Flipkart, PhonePe), thin margins |
| Listing Goal | Strengthen balance sheet and fund nationwide expansion |
Inside the Business Model
Shadowfax operates as a B2B logistics aggregator, connecting e-commerce companies, D2C brands, and food platforms with last-mile delivery agents.
Its service network spans four key verticals:
- E-commerce deliveries – express, reverse, and bulk shipment handling.
- Hyperlocal logistics – grocery, medicine, and food delivery.
- Fulfilment and warehousing – for online sellers and marketplaces.
- Technology solutions – route optimization and real-time tracking via its proprietary logistics engine.
Shadowfax’s tech advantage lies in AI-based delivery allocation and predictive demand mapping, which help optimize routes and reduce delivery time.
Financial Highlights
| (₹ in million) | FY2023 | FY2024 | FY2025 | H1 FY2026 |
| Revenue from Operations | 14,151 | 18,848 | 21,634 | 12,387 |
| Profit / (Loss) after Tax | (1,426) | (119) | 64 | 210 |
| EBITDA Margin | (7.1%) | 1.0% | 1.9% | 2.3% |
| Total Assets | 4,427 | 7,861 | 12,592 | 14,532 |
Key takeaway: Shadowfax has transitioned from losses to profitability — a major green flag for investors looking for sustainable logistics plays.
Objectives of the Issue
The company plans to utilize IPO proceeds to:
- Strengthen working capital reserves
- Upgrade technology infrastructure and automation tools
- Expand warehousing and delivery hubs across India
- Repay borrowings and fund general corporate expenses
Who’s Selling in the Offer for Sale (OFS)
| Selling Shareholder | Estimated Amount (₹ million) | Avg. Cost per Share (₹) |
| Flipkart Internet Pvt. Ltd. | 2,370.70 | 43.77 |
| Eight Roads Investments Mauritius II Ltd. | 1,970.00 | 11.92 |
| NewQuest Asia Fund IV | 1,500.00 | 56.53 |
| Nokia Growth Partners IV | 1,007.80 | 34.89 |
| IFC (International Finance Corporation) | 836.60 | 33.38 |
| Mirae Asset Funds (Naver + GS Retail) | 1,380.30 | 25.20 |
| Qualcomm Asia Pacific | 624.20 | 24.32 |
| Kunal Bahl & Rohit Bansal | 280.40 | 0.79 |
This means both institutional investors and early backers are taking partial exits while keeping long-term exposure — often a positive sign of confidence in the business.
Why Investors Are Watching the Shadowfax Technologies IPO
- Strong e-commerce tailwinds: With India’s online shopping growing 20%+ annually, logistics enablers like Shadowfax benefit directly.
- Asset-light model: Crowdsourced delivery keeps costs lower than traditional fleet operators.
- Profit turnaround: Signs of operational maturity and better cash efficiency.
- Backed by marquee investors: Flipkart, IFC, Mirae Asset, Qualcomm, and Eight Roads.
- Technology-first edge: AI and data science at the core of logistics operations.
Potential Risks
No IPO is risk-free, and here are the red flags to keep in mind:
- Heavy client concentration (Flipkart forms a large revenue chunk).
- Low entry barriers in the logistics space.
- Rising fuel and delivery partner costs.
- Need for continuous tech investment to stay ahead.
Final Thoughts
If India’s e-commerce engine keeps growing, Shadowfax Technologies IPO could ride the same wave. It’s a company that has evolved from a scrappy delivery startup into a logistics powerhouse with real profitability.
It may not be as big as Delhivery yet, but its asset-light approach, profitable operations, and growing B2B relationships put it in a promising position.
This IPO isn’t just a financial event — it’s another chapter in India’s tech-logistics revolution.
In Summary
->> Shadowfax Technologies IPO is all about scale, speed, and smart logistics.
->> Profitable, tech-first, and backed by big names — a strong combination for a modern listing.
->> Keep an eye out for the official price band and subscription dates — this could be one of FY2025–26’s most interesting public offerings.
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