Shadowfax Gets SEBI Nod for Rs 2,500 Crore IPO: A Milestone for Indian Logistics
- ByStartupStory | October 21, 2025
Indian logistics startup Shadowfax Technologies has taken a major step forward — the Securities and Exchange Board of India (SEBI) has approved its initial public offering (IPO) of approximately ₹ 2,500 crore, marking an important milestone for the company and the wider logistics sector.
Building on a strong foundation
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaithliya, Bengaluru-based Shadowfax has carved out a solid presence in the last-mile delivery market, serving e-commerce, hyperlocal grocery, food and medicine segments.
With a claimed network of over 1.25 lakh active delivery partners per month, the company has built scale and reach across key delivery segments.
The IPO at a glance
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The offering will comprise both a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders including Flipkart, Eight Roads Ventures and NGP Capital.
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Post-issue valuation is targeted at around ₹ 8,500 crore, up from its last known valuation of about ₹ 5,981 crore (~US$712 million) following its Series F round in February.
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Financially, for FY24 the company posted revenue of ₹ 1,885 crore, up 33 % year-on-year, and narrowed its losses significantly to ₹ 11.8 crore from ₹ 142 crore in FY23.
Why this matters
The green light from SEBI places Shadowfax among a growing cohort of Indian startups moving toward public markets — joining names such as boAt Lifestyle, Wakefit Innovations, Lenskart, Capillary Technologies, and Groww Finance.
For the logistics sector specifically, Shadowfax’s move signals growing investor confidence in last-mile fulfilment, delivery-as-a-service models, and the infrastructure enabling e-commerce growth in India.
Opportunities and challenges ahead
While the business has demonstrated growth and improving profitability, execution remains key:
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To justify its valuation, the company must sustain growth, manage unit economics in a competitive delivery market, and continue narrowing losses.
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The fresh capital and public listing will provide resources and visibility — but also heightened scrutiny and higher expectations.
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As logistics becomes ever more critical in India’s digital economy, players like Shadowfax may face intensified competition from both domestic and global players, as well as regulatory, labour and infrastructure challenges.
Final word
Shadowfax’s IPO approval is a strong signal that India’s logistics ecosystem is maturing — and that companies focused on delivery, technology and scale can attract public-markets backing. For Startup Story, the journey of a company that began in 2015 and is now gearing up for an IPO offers rich learnings — about scaling teams, building partner networks, running technology with operations, and preparing for the scrutiny and demands of the markets.
We’ll be tracking Shadowfax’s next moves — including its public listing timeline, use of proceeds, and how it leverages its IPO to deepen its market position.
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