Shadowfax, a logistics startup, has received approval from the Securities and Exchange Board of India (SEBI) to launch an IPO worth Rs 2,500 crore.
Key Highlights
- Shadowfax Technologies, backed by Flipkart and Mirae Asset, secures SEBI approval for ₹2,500 crore IPO.
- The IPO aims to raise ₹2,000–2,500 crore, targeting a post-issue valuation of ₹8,500 crore.
The initial public offering (IPO) will consist of both a new issue of equity shares and an offer for sale (OFS) by existing shareholders such as Flipkart, Eight Roads Ventures, and NGP Capital.
This development comes nearly three months after the company filed its DRHP using the confidential route.
Shadowfax is reportedly aiming for a post-issue valuation of around Rs 8,500 crore. The company was last valued at around Rs 5,981 crore ($712 million) after raising $16.8 million from Mirae Asset and Nokia Growth Partners in the first tranche of its Series F round in February of this year.
Last-mile delivery services with an emphasis on e-commerce and hyperlocal logistics are provided by Bengaluru-based Shadowfax, which was founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya. According to the company, it has a network of more than 1.25 lakh active delivery partners each month, serving markets like food, medicine, and grocery delivery.
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To date, Shadowfax has raised about $246 million, according to data from TheKredible. The biggest external stakeholder is Eight Roads Ventures, which is followed by Flipkart, Nokia Growth Partners, and NewQuest Asia.
The company reported revenue of Rs 1,885 crore in FY24, indicating a 33.2% year-over-year growth, although its FY25 numbers have not yet been filed. Additionally, it was able to reduce its losses from Rs 142 crore in FY23 to Rs 11.8 crore in FY24, a 91% decrease.
Along with boAt, Wakefit, Lenskart, Capillary Technologies, Groww, and Pine Labs, Shadowfax is now one of the companies that have been given the go-ahead by SEBI to go public.
