Flipkart-backed Shadowfax receives SEBI nod for IPO

Logistics startup Shadowfax has received approval from the Securities and Exchange Board of India (SEBI) to launch its Rs 2,500 crore initial public offering (IPO).

The initial public offer (IPO) will comprise of both fresh issue of equity shares and an offer for sale (OFS) by existing shareholders, including Flipkart, Eight Roads Ventures, and NGP Capital.

This development comes after nearly three months since the company filed its DRHP via the confidential route.

Shadowfax is reportedly targeting a post-issue valuation of around Rs 8,500 crore. The company was last valued at approximately Rs 5,981 crore ($712 million) after securing $16.8 million from Mirae Asset and Nokia Growth Partners in the first tranche of its Series F round in February this year.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Bengaluru-based Shadowfax offers last-mile delivery services with a focus on e-commerce and hyperlocal logistics. The company claims to have a network of over 1.25 lakh monthly active delivery partners catering to segments such as grocery, food, and medicine delivery.

According to data from TheKredible, Shadowfax has raised approximately $246 million to date. Eight Roads Ventures is 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.

With SEBI’s approval, Shadowfax joins the list of companies that recently received the regulator’s nod to go public, including boAt, Wakefit, Lenskart, Capillary Technologies, Groww, and Pine Labs.