Shadowfax to Raise Rs 2,000 Crore via IPO After Strong Growth Surge
- Flipkart-backed Shadowfax files updated IPO papers with Sebi.
- Rs 2,000 crore issue to fund expansion, leasing, and branding.
- Revenue and profits soar amid e-commerce and quick commerce boom.
Flipkart-backed logistics startup Shadowfax Technologies has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (Sebi) to raise Rs 2,000 crore through its initial public offering (IPO). The offering includes a Rs 1,000 crore fresh issue and a Rs 1,000 crore offer for sale. The listing is likely to take place around December or January, according to people familiar with the development.
The company plans to invest Rs 423 crore from the IPO proceeds in expanding its network infrastructure, Rs 139 crore for leasing new first and last-mile centres and sort centres, and Rs 88.6 crore for branding and marketing.
Shadowfax has demonstrated strong financial growth. For the first half of FY26, its revenue rose 68% year-on-year to Rs 1,805 crore, while net profit jumped 114% to Rs 21 crore. In FY25, the company’s revenue increased 31% to Rs 2,485 crore, turning a Rs 6 crore profit from a loss of Rs 11.8 crore in FY24.
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About 70% of Shadowfax’s business comes from e-commerce, which grew 55% year-on-year, while quick commerce surged 90%, emerging as a major growth driver. The company aims to focus on consumer logistics solutions, unlike competitor Delhivery, which operates in the B2B segment.
Shadowfax joins other new-age Indian startups such as PhysicsWallah, Boat, Groww, Shiprocket, and Meesho preparing for market listings.
