Flipkart-backed Shadowfax files confidential DRHP with SEBI

Logistics startup Shadowfax has filed its draft red herring prospectus (DRHP) with SEBI via the confidential route, as per public notices published in newspapers on July 1. The IPO filing comes nearly three months after the company transitioned into a public entity.

The company is reportedly looking to raise Rs 2,000–2,500 crore through a mix of fresh issue and an offer for sale (OFS) by existing shareholders, including Flipkart, Eight Roads Ventures, and NGP Capital. 

ICICI Securities, JM Financial, and Morgan Stanley are advising on the public issue.

Shadowfax is targeting a post-issue valuation of Rs 5,500–6,000 crore, as it looks to test public market appetite while keeping its business details under wraps for now. According to startup data intelligence platform TheKredible, the company was valued at around Rs 5,981 crore or $712 million during the first tranche of Series F round in February this year.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based company provides last-mile delivery services focused on e-commerce and hyperlocal logistics. It claims to operate with over 1.25 lakh monthly active delivery partners across categories including grocery, food, and medicine delivery.

As per data from TheKredible, Shadowfax has raised around $246 million to date, with Eight Roads Ventures emerging as the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.

While its FY25 numbers are yet to be filed, the company posted a revenue of Rs 1,885 crore in FY24, marking a 33.2% year-on-year growth. It also managed to narrow its losses by 91% to Rs 11.8 crore in FY24 from Rs 142 crore in FY23 

Several Indian startups including Physics Wallah, boAt, Urban Company, Shiprocket, Groww, Pine Labs, Capillary Tech, Wakefit, and Curefoods have filed their draft red herring prospectuses (DRHPs) and are gearing up for their stock market debuts in the coming months. Like Shadowfax, boAt, Shiprocket, Groww, Aequs and PhysicsWallah also chose the confidential route for their IPOs.