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Tag: Shadowfax IPO

  • Shadowfax Quietly Gallops Toward IPO, Files Confidential Papers with SEBI

    The Securities and Exchange Board of India (SEBI) has received the draft red herring prospectus (DRHP) from logistics giant Shadowfax for an IPO via private pre-filing process.

    This public announcement is being made in accordance with Regulation 59C(5) of the SEBI ICDR Regulations to notify the public that the company has filed the pre-filed Draft Red Herring Prospectus with SEBI and the stock exchanges.

    The entire filling has been done under Chapter IIA of the SEBI ICDR Regulations with regard to the proposed initial public offering of its equity shares on the main board of the stock exchanges.

    According to media reports, Shadowfax is aiming for a listing for INR 2,000–2,500 Cr, with about 50% of that amount anticipated to be obtained through a new issue, even though the note did not specify the size of the IPO. This development comes three months after it became a public company.

    Shadowfax Likely to Join Other Stalwarts in IPO’s Battleground

    Shadowfax’s move puts it in line with companies such as Aequs, Groww, Shiprocket, boAt, and PhysicsWallah (PW) that have used the confidential filing method to conceal IPO specifics until later in the process.

    The IPO’s principal bankers are Morgan Stanley, JM Financial, and ICICI Securities. Abhishek Bansal and Vaibhav Khandelwal founded Shadowfax in 2015, providing last-mile delivery services to D2C brands and e-commerce platforms. Additionally, it offers value-added services including package exchange, expedited delivery, and reverse logistics.

    Platforms such as Mamaearth, Nykaa, Flipkart, and Meesho are among its customers. According to a media report, Shadowfax was valued at $750 million (about INR 6,518.51 crore) when its co-founders invested INR 65.4 crore in the business earlier in March as part of a larger $50 million investment.

    In addition to the cash, Shadowfax changed its board in February by adding Pirojshaw Sarkari, Ruchira Shukla, and Bijou Kurien as independent directors in accordance with the regulatory requirement.

    IPO and Ongoing Market’s Sentiments

    The announcement of Shadowfax’s IPO coincides with a period of market correction and recovery thus far this year. Although the market correction kept the climate unfavourable for initial public offerings (IPOs) until April, the overall market has since shown an upward trend.

    Despite uncertainty amid major geopolitical shifts (such as the US-induced tariff issue, the India-Pakistan conflict, and the Israel-Iran war), an EY report stated that the global IPO market grew 20% YoY by value, even though Ather and ArisInfra are the only new-age technology companies that have gone public this year thus far.

    According to the research, India’s initial public offering (IPO) industry is still exhibiting resilience, accounting for 22% of worldwide IPO activity in Q1 2025, with 62 IPOs raising a total of $2.8 billion during the quarter.

    Consequently, over 20 cutting-edge tech firms are currently preparing to go public this year. These companies, which include, among others, PhysicsWallah, Zappfresh, BlueStone, boAt, CarDekho, Groww, Meesho, and Flipkart, are now certain in their intentions to submit IPO applications.

  • Ahead of its IPO, Shadowfax Fortifies its Board

    Prior to its initial public offering (IPO), last-mile delivery firm ShadowFax has appointed Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari as independent directors to its board. The company statement claims that the new additions would improve its governance framework and solidify its place in the changing direct-to-business (D2C) and e-commerce markets.

    According to Abhishek Bansal, cofounder and CEO of Shadowfax, the new hires will contribute extensive industry knowledge and strategic perspectives that complement our goal of revolutionising third-party logistics (3PL) in India. As we continue to dominate the logistics industry, their advice will be crucial. The recently hired independent directors at Shadowfax have a variety of backgrounds in addition to specific knowledge in the logistics industry.

    Kurien has worked in the retail, consumer durables, and fast-moving consumer goods industries for over 35 years. He was also a founder member of Reliance Retail and Titan Industries. He works as a professional advisor for startups and private equity funds at the moment. At the moment, Shukla serves as managing partner and cofounder of the STEM-focused venture capital firm Synapses.

    She has over twenty years of expertise in investment banking, strategic consulting, private equity, and venture capital in India, the US, and Europe. Her areas of expertise include edtech, health tech, consumer internet, B2B e-commerce, and climate tech. Sarkari, who was previously the MD and CEO of Gato Allcargo, contributes his experience in the logistics industry. He currently works with Inflection Point Ventures as an angel investor. He was the CEO of Mahindra Logistics as well.

    Business Operations of Shadowfax

    Bansal and Vaibhav Khandelwal founded Shadowfax in 2015, and it offers last-mile delivery services to D2C brands and e-commerce platforms. In addition, it provides value-added services to its customers, such as package exchange, reverse logistics, and expedited delivery choices.

    Among its customers are Mamaearth, Nykaa, Flipkart, Meesho, and others. The move follows the Flipkart-backed startup’s announcement last year that it would seek INR 2,500–3,000 Cr through an initial public offering (IPO). Through its public listing, the business is considering a valuation of INR 5,000 to 8,000 Cr.

    Recent Developments at Shadowfax

    The IPO-bound business collected INR 34.24 Cr on February 3 from its current investors, Nokia Growth Partners and Mirae Asset. The business has raised $213 million since its founding and is supported by investors such as Eight Road Ventures, International Finance Corporation, Qualcomm Ventures, and others.

    In order to further broaden its capabilities by implementing extensive and bespoke delivery services throughout the nation, the Bengaluru-based startup last week purchased the transportation and logistics company CriticaLog India Private Limited. In the fiscal year that concluded on March 31, 2024 (FY24), the company reduced its net losses from INR 142.6 Cr in FY23 to INR 11.8 Cr, a nearly 92% decrease. During the year under review, operating revenue increased 33.19% to INR 1,884.8 Cr from INR 1,415.1 Cr the year before.

    Solarium Green Energy to Launch INR 105 Cr SME IPO on February 6
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    StartupTalkyNitin Konde