Logistics startup Shadowfax has moved closer to its stock market debut by changing its status from a private company to a public company. The Bengaluru-based startup has officially renamed itself from “Shadowfax Technologies Private Limited” to “Shadowfax Technologies Limited,” marking an important step toward its planned initial public offering (IPO) later this year. Reports suggest that the company aims to raise between Rs 2,500 crore and Rs 3,000 crore through the IPO.
Transition to a Public Company
Shadowfax’s board recently approved the decision to go public, paving the way for the company to file a draft red herring prospectus in the coming months. The IPO is expected to include new equity shares along with an offer for sale from existing investors. This move reflects Shadowfax’s strategy to expand its operations and strengthen its position in the competitive logistics market.
Founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax started as a hyperlocal delivery service for food ordering platforms. Over the years, it has evolved into a major third-party logistics provider, serving leading e-commerce companies such as Flipkart, Meesho, and Nykaa. The company’s transformation into a public entity is expected to boost investor confidence and attract more strategic partnerships.
Strong Financial Performance
Shadowfax has demonstrated significant financial growth in recent years. For the financial year ending in March 2024, the company reported a 33.2% increase in revenue, reaching Rs 1,885 crore. At the same time, it successfully reduced its net losses from Rs 142.6 crore to Rs 11.8 crore. A major milestone for the startup was achieving EBITDA profitability, with an operating profit of Rs 23 crore.
So far, Shadowfax has raised a total of $246 million (approximately Rs 2,104 crore) from various investors. In February 2025, the company secured an additional $16.8 million (about Rs 140 crore) from Mirae Asset and Nokia Growth Partners as part of its extended Series F funding round. These financial achievements highlight the company’s strong growth trajectory and its potential as a leading player in the logistics sector.
Appointing Bankers for the IPO
To ensure a smooth public listing, Shadowfax has appointed ICICI Securities, JM Financial, and Morgan Stanley as lead managers for the IPO. The company has also strengthened its leadership team by adding independent directors such as consumer goods veteran Bijou Kurien, Synapses VC co-founder Ruchira Shukla, and former Mahindra Logistics CEO Pirojshaw Sarkari.
With major investors like Eight Roads Ventures, Flipkart, TPG NewQuest, Mirae Asset, Nokia Growth Partners, and Qualcomm supporting its growth, Shadowfax is set to enter the public markets with strong backing. The IPO is expected to provide the company with additional resources to expand its logistics network, enhance its technology, and serve a growing customer base.
