Overview
Shadowfax Technologies Ltd, a prominent tech-driven third-party logistics (3PL) firm backed by Flipkart, TPG, and Qualcomm, has received SEBI approval for an IPO aimed at raising up to ₹2,000 crore. The IPO includes a fresh issue of ₹1,000 crore equity shares and an offer for sale (OFS) of ₹1,000 crore by existing shareholders. The Bengaluru-based logistics company offers express parcel deliveries, reverse logistics, hyperlocal services, and critical logistics solutions, servicing over 14,700 pin codes across India.
Offer Snapshot
- Total IPO size: ₹2,000 crore
- Fresh issue: ₹1,000 crore
- OFS: ₹1,000 crore by key existing shareholders including Flipkart, Eight Roads Ventures, TPG, Mirae Asset, Qualcomm, and Snapdeal founders
- Face value: ₹10 per share
- Promoters: Abhishek Bansal and Vaibhav Khandelwal
- Book Running Lead Managers: ICICI Securities, Morgan Stanley India, JM Financial
- Registrar: KFin Technologies Ltd
- IPO expected to list on NSE and BSE in December 2025 or January 2026.
Financials
- FY25 revenue: ₹2,485 crore (~₹24.85 billion), reflecting strong growth in logistics volumes
- Adjusted EBITDA margin: 1.96% in FY25, improved to 2.86% in H1 FY26
- Processed 436 M orders in FY25 with a 29.7% CAGR from FY23, accelerating to 50.1% CAGR in H1 FY26
- Operational scale includes over 205,000 gig workers supporting deliveries and logistics across sectors like e-commerce, food delivery, and quick commerce
Business Highlights
- Shadowfax operates one of India’s largest last-mile delivery and logistics networks, catering to e-commerce, grocery, food, pharmacy, and on-demand mobility services
- Offers technology-driven logistics solutions enhancing speed, flexibility, and reliability
- Expanding reach and diversified client base include Meesho, Flipkart, Swiggy, Zepto, and Blinkit
- Focus on network infrastructure expansion, technology, and marketing to maintain market leadership
Use of Proceeds
- Capital expenditure for network expansion and lease payments for new facilities like first-mile, last-mile, and sorting centers (~₹423 crore)
- Marketing, branding, and communication (~₹89 crore)
- Potential inorganic acquisitions and general corporate purposes
Risks
- Reliance on gig workers and technology infrastructure subjects it to operational risks
- Competitive logistics market with pricing pressure and regulatory challenges
- Fluctuating volumes in e-commerce and on-demand sectors may impact revenues
- IPO market conditions could affect investor sentiment and pricing
What to Watch Next
- IPO price band announcement and subscription dates
- Investor response during IPO subscription phase in late 2025
- Allotment and listing timeline post-subscription, targeted for December 2025 or January 2026
- Post-listing performance amid logistics sector developments and market conditions
FAQs
Q1: What is the IPO size for Shadowfax Technologies?
₹2,000 crore, split equally between fresh issue and offer for sale.
Q2: Who are the major selling shareholders?
Flipkart, TPG, Eight Roads Ventures, Mirae Asset, Qualcomm, and Snapdeal co-founders among others.
Q3: What is Shadowfax’s business?
Technology-led logistics with a broad service network across e-commerce, food delivery, and quick commerce sectors.
Q4: How has Shadowfax performed financially?
Revenues grew to ₹2,485 crore in FY25 with improving EBITDA margins and accelerating order volumes.
Q5: When will Shadowfax IPO list?
Likely December 2025 or January 2026 listing on NSE and BSE.
Shadowfax’s growth in logistics volumes and its tech-driven approach to last-mile delivery is impressive. It will be interesting to see how the IPO impacts their expansion plans, especially with a 50.1% growth rate in H1 FY26.
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