IPO logistics

Flipkart-Backed Logistics Firm Shadowfax Files for $225 Million IPO

• ByStartupStory     |    November 2, 2025

Shadowfax Technologies Limited, a leading Bangalore-based technology-driven third-party logistics (3PL) and hyperlocal delivery firm backed by Flipkart, TPG, and Qualcomm, has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth up to ₹2,000 crore (approximately $225 million).

The IPO comprises a fresh equity issue of ₹1,000 crore and an offer for sale (OFS) by existing shareholders of ₹1,000 crore, with shares carrying a face value of ₹10 each. Prominent selling shareholders include Walmart’s Flipkart Internet, Eight Roads Investments Mauritius, NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.

Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax has evolved from a hyperlocal delivery startup into one of India’s most diversified logistics networks. It supports e-commerce, quick-commerce, food delivery, and on-demand mobility sectors with services such as express parcel deliveries, reverse logistics, hyperlocal services, and critical logistics solutions.

As of September 30, 2025, Shadowfax’s logistics infrastructure spanned 14,758 pin codes across first and last-mile centers and sorting hubs, operating a hybrid workforce exceeding 205,000 gig-based delivery partners. In FY25, the company processed 436.36 million orders, reflecting a CAGR of 29.77% from FY23. Its growth accelerated further in the first half of FY26, with 294.45 million orders processed—a 50.11% CAGR over the previous year.

Shadowfax reported revenue from operations of approximately ₹2,485 crore in FY25, with an adjusted EBITDA margin of 1.96%. For the first half of FY26, revenue stood at ₹1,805.6 crore with an improved EBITDA margin of 2.86%. The company is focusing IPO proceeds on capital expenditures to expand network infrastructure, including investments in new first-mile, last-mile, and sortation centers; lease payments; branding and marketing; inorganic acquisitions; and general corporate purposes.

The IPO is managed by book-running lead managers ICICI Securities, Morgan Stanley India, and JM Financial. Shadowfax competes with listed logistics companies such as Blue Dart Express and Delhivery, aiming to consolidate its position as India’s fastest-growing end-to-end logistics provider.

In summary, Shadowfax’s IPO filing highlights its strong growth, expanding infrastructure, and evolving financial profile. With Flipkart and other marquee investors backing the company, the public listing will provide capital to fuel further scale and innovation in India’s booming logistics and e-commerce delivery markets.

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