Shadowfax, the Bengaluru-based logistics startup, has officially transitioned from a private company to a public company—signaling a critical move toward its much-anticipated stock market debut. The company’s board approved the resolution to alter its status and rename itself from “Shadowfax Technologies Private Limited” to “Shadowfax Technologies Limited,” according to recent regulatory filings.
This strategic transformation sets the groundwork for an Initial Public Offering (IPO) expected later in 2025. Market analysts project the IPO to raise between ₹2,500 crore and ₹3,000 crore, depending on market conditions and investor appetite.
A Strategic Transition to Go Public
Shadowfax’s leadership has formally initiated the process required to list the company on Indian stock exchanges. With the approval of the board to convert into a public company, the startup now prepares to file its Draft Red Herring Prospectus (DRHP) in the coming months.
The IPO will likely include both a fresh issue of equity shares and an Offer For Sale (OFS) from existing investors. This dual-structure approach will allow the company to raise new capital while also providing early backers a partial exit.
Shadowfax has carefully planned this shift, signaling its readiness to operate under the scrutiny and regulations of public market investors. The company aims to capitalize on its strong business fundamentals, impressive financial turnaround, and favorable market sentiment toward technology-driven logistics solutions.
From Hyperlocal Delivery to Logistics Powerhouse
Shadowfax began its journey in 2015 when IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya came together to tackle last-mile delivery challenges. The startup started as a hyperlocal delivery partner for food delivery services.
However, over the years, it expanded rapidly and evolved into a full-scale third-party logistics (3PL) provider. Today, it supports some of India’s top e-commerce platforms including Flipkart, Meesho, and Nykaa. Shadowfax now operates across multiple verticals including express parcel delivery, grocery, quick commerce, and even reverse logistics.
This diversification has helped the company build a robust and scalable logistics infrastructure that serves both urban and semi-urban markets. The founders built the platform with deep technology integrations, real-time tracking, and an asset-light model that relies heavily on gig economy workers and decentralized logistics partners.
Financial Performance: A Turnaround Story
In the financial year ending March 2024, Shadowfax posted strong numbers. The company reported a 33.2% increase in revenue, reaching ₹1,885 crore—up from ₹1,415 crore in the previous year.
More impressively, Shadowfax managed to cut its net losses significantly. From a steep loss of ₹142.6 crore in FY23, it reduced the figure to just ₹11.8 crore in FY24.
This dramatic shift shows better cost controls, improved unit economics, and a higher share of profitable contracts. The company also achieved EBITDA profitability for the first time, clocking in an operating profit of ₹23 crore.
These metrics make Shadowfax one of the few logistics tech startups in India to show both high growth and a pathway to profitability—an attractive mix for public market investors.
Funding History and Recent Capital Raise
Since its inception, Shadowfax has raised $246 million (approximately ₹2,104 crore) from a strong roster of global and domestic investors. These include Eight Roads Ventures, Flipkart, TPG NewQuest, Mirae Asset, Qualcomm, and Nokia Growth Partners.
In February 2025, Shadowfax secured an additional $16.8 million (about ₹140 crore) from Mirae Asset and Nokia Growth Partners. This funding came as part of an extended Series F round and aimed to support pre-IPO activities, expand service offerings, and strengthen its technology stack.
Appointing Investment Bankers and Strengthening Governance
To guide its IPO process, Shadowfax has appointed top-tier investment banks. ICICI Securities, JM Financial, and Morgan Stanley will serve as lead managers for the offering. These firms will assist the company in preparing the DRHP, marketing the IPO to institutional investors, and managing the listing process.
Shadowfax has also taken significant steps to enhance corporate governance. The company inducted three independent directors with extensive experience across logistics, consumer goods, and venture capital. These include:
- Bijou Kurien, a seasoned professional in the consumer goods industry
- Ruchira Shukla, co-founder of Synapses VC and an expert in startup investments
- Pirojshaw Sarkari, former CEO of Mahindra Logistics
Their inclusion adds credibility to Shadowfax’s board and strengthens its compliance posture as it enters the public domain.
The Bigger Picture: Indian Startups Eyeing Public Markets
Shadowfax joins a growing list of Indian startups preparing for IPOs as public markets recover and investor appetite returns. The company’s entry into the public space reflects a broader trend where mature startups are shifting focus from growth-at-all-costs to profitability and sustainable scale.
With Flipkart already on its cap table, and operational success across India’s vast logistics ecosystem, Shadowfax positions itself as a key player in the tech-enabled logistics space. It leverages artificial intelligence, real-time analytics, and automation to optimize routes, improve delivery accuracy, and reduce turnaround times.
If the IPO goes as planned, Shadowfax will follow in the footsteps of companies like Delhivery and Blue Dart, but with a strong tech-first identity.
Market Outlook and IPO Expectations
Analysts tracking the logistics sector believe Shadowfax is entering the IPO race at the right time. E-commerce, quick commerce, and D2C (Direct-to-Consumer) brands continue to demand agile logistics partners. Shadowfax, with its pan-India presence and flexible business model, fits this requirement well.
The IPO will likely help the company raise growth capital, improve its brand visibility, and offer partial exits to investors who supported the company during its early years. Investors will closely watch how the company prices its offering and what valuations it targets.
Reports suggest that Shadowfax may pursue a valuation in the range of ₹10,000 crore to ₹12,000 crore, based on recent funding rounds and revenue multiples. The listing will test investor sentiment toward profitable, tech-driven logistics companies operating in high-growth environments.
Final Thoughts
Shadowfax’s transition from a private to a public company marks a defining moment in its decade-long journey. The move showcases the company’s maturity, operational excellence, and confidence in its future growth trajectory.
By delivering strong financial performance, achieving profitability, and appointing seasoned professionals to guide its IPO, Shadowfax has taken deliberate and strategic steps to succeed on the public stage.
As it prepares for one of the most closely watched IPOs in India’s logistics sector, all eyes will remain on Shadowfax to see how it executes the next phase of its evolution—from a disruptive startup to a publicly listed industry leader.