Shadowfax Gets SEBI Nod For Its IPO

The Securities and Exchange Board of India (SEBI) has given its go ahead to logistics major Shadowfax’s confidential IPO papers, over three months after the company pre-filed its DRHP.

While the exact size of the public issue is yet to be confirmed, the company’s board, in June, approved the proposal to raise up to INR 2,000 Cr through the IPO. Shadowfax’s proposed public issue will comprise a fresh issue of equity shares of up to INR 1,000 Cr and an offer for sale (OFS) of up to INR 1,000 Cr.

Existing shareholders such as Flipkart, Eight Roads Ventures, and NGP Capital would look to offload part of their stakes in the company via the IPO. The company is expected to seek a post-IPO valuation of around INR 8,500 Cr (about $965 Mn), up over 40% from the INR 6,000 Cr valuation after its February 2025 funding round.

On the financial front, Shadowfax reduced its net loss by nearly 92% to INR 11.8 Cr in FY24 from INR 142.6 Cr in the previous fiscal. Operating revenue zoomed 33% to INR 1,884.8 Cr from INR 1,415.1 Cr in the previous year. The company is yet to reveal its financial statements for FY25.

Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax offers last-mile delivery services to ecommerce platforms and D2C brands. It offers hyperlocal, on-demand multi-category last-mile delivery services across India, connecting businesses with gig workers for express, eco-friendly deliveries in 500+ cities, serving ecommerce, grocery, food, and courier needs.

It claims to have delivered over 1 Bn orders across 14.3K pincodes via 1.4 Lakh delivery partners employed per quarter. Its clientele includes the likes of Uber, Nykaa, Flipkart, ONDC, Mokobara and Meesho.

Shadowfax is the second logistics major waiting to undertake an IPO. Shiprocket also filed its confidential DRHP for INR 2,500 Cr IPO in May 2025. The regulator is yet to approve the company’s public issue.

Meanwhile, Delhivery and BlackBuck have already undertaken their initial public offerings. While Delhivery became the first listed logistics new-age tech company in 2022, Blackbuck raised INR 1,115 Cr via its IPO in November 2024.

Behind the IPO frenzy in the logistics space is the rapid growth that the sector is seeing. The Indian logistics sector is projected to reach over $357 Bn by 2030, growing at a CAGR of 7.7% from $228 Bn in 2024.

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