Shadowfax Technologies Limited has filed a confidential draft red herring prospectus with Sebi to raise up to ₹2,500 crore through an initial public offering. The logistics and delivery service provider, backed by marquee investors including Flipkart, TPG, and Eight Roads Ventures, aims for a valuation of approximately ₹8,500 crore in this public market debut.
The upcoming public offering comprises a combination of fresh equity shares and an offer for sale component through a book-built process. Sources familiar with the development indicate the company seeks to raise between ₹2,000 and ₹2,500 crore from public markets.
Proceeds from the fresh issue will be utilized to enhance operational capacity, drive business growth, and make strategic investments in subsidiaries across the logistics ecosystem.
Shadowfax Technologies enjoys strong backing from marquee investors including Flipkart, TPG, Eight Roads Ventures, Mirae Asset Ventures, and Nokia Growth Funds. The company's valuation has grown significantly from its February 2025 fundraising round, where it raised primary and secondary capital at an approximate valuation of ₹6,000 crore.
The current IPO targets a valuation of ₹8,500 crore, representing substantial growth in just five months since the last funding round.
Shadowfax Technologies operates as a comprehensive logistics service provider specializing in e-commerce, express parcel, and value-added services across India. The company's extensive distribution network spans over 2,200 cities with access to more than 14,300 pin codes nationwide.
With 3.5 million platform users, nearly 1.40 lakh quarterly delivery partners, and 30 lakh verified riders, the company has established a robust operational framework. E-commerce deliveries contribute approximately 75 percent of total revenue, while quick commerce and hyperlocal deliveries account for the remaining portion.
Shadowfax Technologies' IPO filing represents a significant milestone for India's logistics sector, demonstrating strong investor confidence in the company's growth trajectory. With backing from prominent investors and a comprehensive distribution network, the company appears well-positioned for public market success. The IPO will provide crucial capital for expansion while offering investors exposure to India's rapidly growing logistics industry.