In a significant move towards public listing, Shadowfax Technologies, a Bengaluru-based logistics startup backed by Flipkart, TPG, Qualcomm, and other marquee investors, has filed an updated Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed ₹2,000-crore initial public offering (IPO).
IPO Structure and Objectives
The IPO comprises a fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) of ₹1,000 crore by existing shareholders. The fresh capital raised will be strategically deployed to enhance Shadowfax’s network infrastructure, cover lease payments, and bolster brand visibility. Notably, over ₹423 crore from the proceeds is earmarked for expanding the company’s logistics network.
The OFS will see partial stake divestments from prominent investors including:
-
Flipkart Internet (Walmart-owned)
-
Eight Roads Investments Mauritius
-
TPG’s NewQuest Asia Fund
-
Nokia Growth Partners
-
International Finance Corporation
-
Mirae Asset
-
Qualcomm
-
Snapdeal co-founders Kunal Bahl and Rohit Bansal
Company Performance and Market Position
Shadowfax has demonstrated robust growth in recent years, achieving significant revenue expansion and operational profitability in FY24. The company’s tech-driven logistics model, which supports hyperlocal deliveries and e-commerce fulfillment, has positioned it as a key player in India’s rapidly evolving supply chain ecosystem.
Founded by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax has steadily scaled its operations across India, catering to diverse sectors including food delivery, e-commerce, and pharmaceuticals.
Industry Context
Shadowfax’s IPO filing comes amid a broader wave of new-age Indian startups preparing to tap public markets. With investor appetite growing for tech-enabled logistics and infrastructure plays, the company’s listing is expected to attract considerable interest from institutional and retail investors alike.
The updated DRHP marks a crucial step in Shadowfax’s journey from a startup to a publicly traded enterprise, reflecting both its operational maturity and the confidence of its backers.
