Shadowfax Files Updated SEBI IPO Papers to Raise Rs 2,000 Crore

Shadowfax Technologies, a Bengaluru-based technology-led third-party logistics company backed by Flipkart and other investors, has filed an updated draft red herring prospectus with SEBI for an initial public offering (IPO) aiming to raise up to Rs 2,000 crore. The IPO is structured as an equal split between a fresh equity issue and an offer for sale by existing shareholders, with marquee investors such as Flipkart and Eight Roads Ventures offloading shares while promoters retain their holdings, signaling confidence. The company plans to use the fresh issue proceeds to expand its network infrastructure, funding lease payments for new facilities, marketing, and potential acquisitions. Shadowfax has shown strong financial growth, with FY25 revenue rising to Rs 2,485 crore from Rs 1,884 crore in FY24, and a turnaround to a net profit of Rs 6 crore from a loss the previous year; in H1 FY26, net profit surged 114% to Rs 21 crore, supported by a 68% rise in operational revenue. Its business is predominantly in e-commerce (70%) and quick commerce (30%), the latter growing rapidly at 90% year-on-year, contributing to the company's expanding footprint covering over 14,700 pin codes and over 4,200 touchpoints. Shadowfax's IPO comes amid a competitive and rapidly evolving Indian logistics market, positioning the company to capitalize on increasing demand for efficient last-mile delivery solutions.