Shadowfax Technologies Limited, the Flipkart-backed logistics firm, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO).
The IPO will include a fresh issue of equity shares, along with an offer for sale (OFS) by existing investors such as Eight Roads Ventures and NGP Capital. Shadowfax had filed its draft red herring prospectus (DRHP) confidentially with SEBI in July 2025.
The IPO is expected to raise between ₹2,000–2,500 crore. The company plans to use the proceeds to expand its logistics capacity, accelerate growth initiatives, and strengthen its technology and delivery network.
Currently valued at around ₹5,900 crore, Shadowfax’s post-listing valuation is expected to reach approximately ₹8,500 crore.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax reported ₹1,885 crore in revenue in FY24, marking a 33% year-on-year growth. Losses narrowed significantly to ₹11.8 crore from ₹142 crore in FY23, reflecting improved operational efficiency.
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