Shadowfax seeks ₹2,000 crore in IPO as India's e-commerce deliveries surge

The Flipkart-backed logistics firm will use proceeds to expand infrastructure and branding after processing over 436 million orders in FY25

Shadowfax Technologies, a logistics firm backed by Flipkart, has filed its updated draft red herring prospectus with the Securities and Exchange Board of India (Sebi) ahead of its initial public offering.

  The offer of total issue size aggregating up to ₹2,000 crore comprises a fresh issue of equity share aggregating up to ₹1,000 crores and an offer for sale of equity share aggregating up to ₹ 1,000 crore of face value of ₹10 per equity share.

 

Shadowfax proposes to utilise the net proceeds towards funding capital expenditure requirements related to its network infrastructure. This also includes funding of lease payments for new first mile, last mile, and sort centres, as well as towards branding, marketing. It would also use it for communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.

 

Shadowfax is the fastest growing new-age, technology-led third-party logistics (3PL) company of scale in India as of March 31, 2025. The company has a service network encompassing 14,758 Indian pin codes as of September 30, 2025.

 

It serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. The company offers express forward parcel deliveries, reverse pickups, on-demand hyperlocal and critical logistics solutions.

 

It processed 436.36 million orders in the FY25, achieving a CAGR of 29.77 per cent from FY23. During the six months period ended September 30, 2025, the company processed 294.45 million orders which represents a CAGR of 50.11 per cent from the six months period ended September 30, 2024.

 

In the financial year 2025, the company generated revenue from operations of ₹2,485.13 crore, with an adjusted Ebitda margin of 1.96 per cent. For the six months period ended September 30, 2025, the company reached  ₹1,805.64 crore  in revenue from operations with an adjusted Ebitda margin of 2.86 per cent

 

ICICI Securities Limited, Morgan Stanley India Company Private Limited, JM Financial Limited are the Book Running Lead Managers to the issue.