Logistics servicer startup Shadowfax is gearing up for an IPO as the company is expected to file a Draft Red Herring Prospectus (DRHP) in the coming week with the market regulator Sebi via a confidential route, says a PTI report.
As per the reports, Shadowfax’s IPO size is going to be about Rs 2000 crore to Rs 2500 crore. The company will raise funds via a fresh issue and will also include an Offer for Sale in its IPO. Shadowfax is likely to be valued at Rs 8500 crore in its IPO, says the report.
Backed by marquee investors such as TPG and Nokia Growth Funds, Shadowfax was valued at about Rs 6000 crore in its last funding round in February 2025.
Shadowfax’s business model
Shadowfax is primarily focused on e-commerce deliveries for companies like Flipkart, Nykaa, and Lecious. About 75 percent of its business comes from the e-commerce segment. The company is also gearing up its quick commerce delivery business as well where it works in the hyperlocal delivery segment.
Founded in 2015, the company claims to have delivered over one billion parcels in the last 10 years. The company has a large distribution network covering about 2200 cities and 14,300 PIN codes throughout India.