Shadowfax, one of India’s top logistics startups, has formally become a public company as it gears up to make its debut in the capital markets with an initial public offering (IPO) later in 2025. The board had adopted a resolution to consider changing the status from “Shadowfax Technologies Private Limited” to “Shadowfax Technologies Limited”, as per regulatory filings available on March 30, 2025.

The transaction is a significant milestone for the Bengaluru-headquartered startup, which has emerged as a critical logistics facilitator for e-commerce and hyperlocal delivery segments in India.

Pre-IPO Conversion and Recent Funding
The move to go public comes after Shadowfax’s recent February 2025 $16.8 million fundraise, which formed part of its Series F round. Existing investors Mirae Asset and Nokia Growth Partners provided the new capital, increasing its war chest in preparation for the IPO process.

Overall, Shadowfax has raised around $246 million so far, based on startup data platform TheKredible. Eight Roads Ventures continues to be the largest outside investor, followed by Flipkart, Newquest Asia, and Nokia Growth Partners.

IPO Size and Banker Appointments
Sources familiar with the deal indicate that Shadowfax is aiming for an IPO size of ₹2,500–3,000 crore. The issue will comprise both a fresh issue of equity shares, which will raise growth capital for the firm, as well as an offer for sale (OFS) component, which will allow early investors to take partial exits.

The firm has already hired top financial institutions as merchant bankers for the IPO. JM Financial, Morgan Stanley, and ICICI Securities have been hired to handle the public offering and regulatory process.

Business Overview and Growth
Established in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax runs a full-stack logistics platform serving primarily e-commerce players. It leverages a tech-driven network of more than 1,25,000 monthly active delivery partners for last-mile and same-day delivery services across India.

The firm has become an important logistics partner for Flipkart and other leading retailers, relying on speed, scalability, and cost-effectiveness.

Financial Performance and Profitability Push
Although Shadowfax has not yet released audited FY25 financials, its FY24 performance shows robust operational performance. The company posted:
Revenue: ₹1,885 crore, up 33.2% year-on-year

Net Losses: ₹11.8 crore, down from ₹142 crore in FY23 — an incredible 91.7% decline

The reduction in losses proves Shadowfax’s concentration on profitability through cost controls and enhanced delivery efficiency, particularly crucial prior to a public market listing.

Strategic rationale behind IPO
Indian logistics sector is transforming fast on the back of growth in e-commerce, rapid commerce, and D2C brands. The IPO by Shadowfax is being strategically executed to ride the trends of:

Growth in demand for intra-city and last-mile logistics

Growth in investors’ demand for logistics and supply chain effectiveness platforms

Acceleration of digital-first models of retail after the pandemic

The funds raised through the IPO are expected to be utilized for expanding warehousing infrastructure, strengthening tech platforms, scaling operations into new verticals, and potentially exploring adjacent services like reverse logistics and cross-border fulfillment.

Competitive Landscape
Shadowfax competes with several players in India’s logistics tech ecosystem, including:

Delhivery, which went public in 2022

XpressBees, which is also reportedly eyeing an IPO

Ecom Express and LoadShare, which serve specialized delivery needs

But Shadowfax’s deep level of integration into e-commerce platforms and its in-house tech stack made it unique when it came to control over operations and intelligence from data.

Founders and Vision
The Shadowfax founding team has a mix of product, operations, and logistics backgrounds:

Abhishek Bansal, CEO – Ex-investment banker with profound strategic planning knowledge

Vaibhav Khandelwal, CTO – Heads the company’s tech innovation

Praharsh Chandra and Gaurav Jaithliya – Helm network design, expansion, and business development

Together, they’ve established one of India’s most scalable and robust logistics networks catering to urban and semi-urban markets.

Shadowfax
With Shadowfax Technologies Limited preparing for its IPO, it is part of an increasing trend of Indian startups opting to list on local bourses. With robust growth numbers, decreasing losses, and rich investor backing, the company is poised to make a solid market debut later this year.

The logistics technology space is ready to be disrupted, and Shadowfax’s listing will not only give it growth capital but also legitimize the long-term value of technology-led delivery platforms in India’s consumption economy.