Flipkart-backed Shadowfax is positioning itself to become the country’s second new-age logistics tech company, after Delhivery, to go public. The Delhi NCR-based company last Saturday filed its updated DRHP with the market regulator, SEBI, offering clearer visibility into its financials, strategy, and the contours of the IPO.

The logistics major plans to raise up to INR 2,000 Cr ($225 Mn), split evenly between a fresh issue and an offer-for-sale component. Several early backers, including Flipkart, Eight Roads Ventures, and Nokia Growth Partners, are set to pare their holdings in this IPO.

What, however, stands out is its planned deployment of fresh capital. More than half of the proceeds will be channelled into network expansion, with around INR 562 Cr earmarked for building infrastructure and leasing new first and last-mile centres.

The allocation underscores that network density and reach remain Shadowfax’s core strategic priority, and the impact of this focus is already visible. How, you ask? The company has expanded its serviceable pin codes to 14,758 locations, nearly double the 7,955 locations it covered in 2023.

This aggressive scaling has paved the way for its entry into the hyperlocal delivery space, also becoming the company’s fastest-growing business vertical.

As a result, the company reported a profit of INR 6 Cr in the financial year (FY25), versus a loss of INR 12 Cr in FY24, while operating revenue rose by 32% year-on-year (YoY) to INR 2,485.1 Cr.

Shadowfax’s Hyperlocal Mantra

Shadowfax’s hyperlocal delivery business has become one of its fastest-growing business........

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