Flipkart-backed Shadowfax files updated DRHP to raise Rs 2,000 Cr via IPO

Logistics startup Shadowfax Technologies has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The Flipkart-backed company plans to raise up to Rs 2,000 crore through a mix of fresh issue and offer for sale (OFS).

Entrackr had exclusively reported in July about the issue size and composition of the fresh issue and OFS components.

As per the updated DRHP, the IPO will include a fresh issue of shares worth Rs 1,000 crore and an OFS of up to Rs 1,000 crore. Existing shareholders, including Flipkart, Eight Roads Ventures, Mirae Asset, TPG, Nokia Growth Partners, and Snapdeal co-founders Kunal Bahl and Rohit Bansal, will partially divest their stakes through the OFS.

Earlier this month, Shadowfax received SEBI’s approval for its confidentially filed DRHP, paving the way for the updated filing.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based company provides last-mile delivery services with a strong presence across e-commerce and hyperlocal logistics. It claims to have a network of over 1.25 lakh monthly active delivery partners, catering to grocery, food, and medicine deliveries across more than 14,000 pin codes.

The company plans to utilize the proceeds from the fresh issue to expand its logistics infrastructure, strengthen technology capabilities, and pursue inorganic growth opportunities. A portion of the funds will also be used to repay existing borrowings.

According to the DRHP, Shadowfax reported 32% year-on-year growth in revenue to Rs 2,485 crore in FY25, along with a net profit of Rs 6.4 crore. For the first half of FY26, the company booked Rs 1,805 crore in revenue and Rs 21crore in profit.