Shadowfax Set to File Confidential IPO Papers; Eyes ₹2,500 Crore Raise

Shadowfax, a startup that began as a logistics partner for food delivery platforms, is now preparing for its public debut. The company is planning to file a draft IPO prospectus confidentially with SEBI in the coming weeks, according to people familiar with the matter.

The proposed IPO is likely to raise somewhere between ₹2,000 crore and ₹2,500 crore. About half of that would come from a fresh issue of shares. While the exact valuation will depend on how the market shapes up closer to the listing, sources believe it could fall in the ₹5,500 to ₹6,000 crore range.

Earlier this year, Shadowfax raised ₹140 crore from existing investors including Mirae Asset Venture and Nokia Growth Partners. That round had valued the company at close to ₹6,000 crore.

A large chunk of the IPO proceeds, around ₹1,000 to ₹1,100 crore is expected to go toward expanding the company’s quick commerce services. One of the sources pointed out that the demand for faster deliveries has surged, and Shadowfax is now seeing improved margins from this segment.

For the IPO, the company has brought in ICICI Securities, JM Financial, and Morgan Stanley as lead advisors. By filing confidentially, Shadowfax hopes to test investor interest quietly, without having to immediately disclose sensitive business metrics.

Founded in 2015 by four IIT Delhi alumni  Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya the company has steadily expanded its focus from food delivery to broader ecommerce logistics.

As of now, the founders together hold a 20% stake in the business. Eight Roads Ventures owns 25%, while Flipkart holds around 16%. Other notable shareholders include Mirae Asset and TPG NewQuest.

Shadowfax has doubled down on quick commerce in recent months, offering delivery support and backend services to brands that lack their own logistics. Quick commerce now makes up roughly 25–30% of its business. That share could climb to 40% in the months ahead, according to internal projections.

The remaining bulk of the company’s revenue comes from same-day deliveries for ecommerce and D2C brands. Revenue for FY25 has crossed ₹2,500 crore, up from ₹1,885 crore in FY24, a year when the company also turned operationally profitable. While it still posted a net loss of ₹12 crore last year, that’s a sharp improvement from previous years. Its EBITDA for FY24 came in at ₹23 crore.

Shadowfax delivers between 2 and 2.5 million packages daily and works with around 1.6 million active delivery partners every month. It serves clients like Flipkart, Meesho, Ajio, and Nykaa, and has joined the government-backed ONDC to expand its last-mile reach. With investor appetite slowly returning, several startups including Swiggy, PhysicsWallah, boAt, and Shiprocket have also chosen to file their IPO papers confidentially.

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