The initial public offering (IPO) is expected to be in the range of Rs 2,000-2,500 crore, with about half coming from fresh issue of shares, one of the persons said.
The company could be valued at around Rs 5,500-6,000 crore depending on the market conditions at the time of the listing, another person said.
In a February financing round, when it raised around Rs 140 crore from existing investors Mirae Asset Venture, Nokia Growth Partners and others, Shadowfax was valued at nearly Rs 6,000 crore.
Most of the Rs 1,000-1,100 crore to be raised from primary share sale “will be invested in bulking up its quick offerings,” the first person said. “The company has been seeing massive traction emerging from quick deliveries…and its economics have also been improving,” the person noted.
The company has appointed ICICI Securities, JM Financial and Morgan Stanley as bankers for its issue.
Shadowfax did not respond to queries sent by ET until press time Thursday.
By filing confidentially, the firm can quietly gauge investor interest and fine-tune its IPO plans without immediately disclosing financials and other sensitive business information.
According to Tracxn, the four founders — IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaithliya — together hold 20% stake in the company, with Eight Roads Ventures owning 25%, followed by Flipkart holding around 16%. Other shareholders include TPG NewQuest and Mirae Asset Venture.
Shadowfax has increasingly focused on the fast-growing quick commerce sector over the last year by providing rapid delivery to brands and marketplaces without their own logistics.
Quick commerce and hyperlocal deliveries contribute to around 25–30% of its overall business, and this could increase to 35–40% in the coming months. Even the remaining 70–75% of revenue from servicing ecommerce and direct-to-consumer brands mostly come from same-day deliveries, the person cited above said.
ETtechThe overall business has grown 30–35% in FY25 with revenue crossing Rs 2,500 crore, he added.
In fiscal 2024, the company clocked around Rs 1,885 crore in operating revenue, up 33% from the previous fiscal, and turned operationally profitable.
It reported a net loss of Rs 12 crore for FY24, down 92% year-on-year, but posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of Rs 23 crore.
Under its quick commerce services, Shadowfax offers manpower and fleet management to platforms and brands to operate last-mile deliveries and manage dark stores. The company delivers 2-2.5 million packages per day and has a network of 1.6 million monthly active delivery partners.
Its list of clients includes Nykaa, Ajio, Flipkart and Meesho. It also joined the government’s Open Network for Digital Commerce (ONDC) to offer last mile deliveries.
Founded in 2015 as an on-demand logistics provider for food-delivery platforms, Shadowfax has transitioned to serving ecommerce clientele.
Startups are increasingly using the confidential route to file IPO papers amid uncertain market conditions. Recent examples include Swiggy, which listed in November 2024, as well as PhysicsWallah, Shiprocket, Groww, and boAt, whose filings are still under review by the markets regulator.
