Shadowfax raises Rs 850 Cr from anchor investors

Logistics and last-mile delivery firm Shadowfax Technologies has raised around Rs 850 crore ($95 million) from anchor investors, marking a strong start ahead of the launch of its initial public offering.

According to disclosures, the Bengaluru-based company allotted close to 6.9 crore equity shares to anchor investors at Rs 124 per share, which is the upper end of the IPO’s price band. The anchor book saw participation from a mix of leading domestic mutual funds and global institutional investors.

Among domestic investors, ICICI Prudential Mutual Fund emerged as the largest anchor investor, while other participants included Nippon India Mutual Fund, Motilal Oswal Mutual Fund, and several insurance and pension funds. 

On the global side, marquee names such as Government Pension Fund Global (Norges Bank), HSBC Global Investment Funds, Societe Generale, and Eastspring Investments also picked up stakes in the anchor round.

Shadowfax’s IPO comprises a fresh issue of around Rs 1,000 crore and an offer-for-sale (OFS) component of approximately Rs 907 crore, where marquee backers, including Flipkart India, Eight Roads Investments, International Finance Corporation, Nokia Growth Partners, NewQuest Asia Fund, and Miare Asset, will offload portions of their stakes.

The lot size has been set at 120 shares, meaning retail investors will need approximately Rs 14,880 at the upper end of the band to apply for one lot. Shadowfax is targeting a post-money valuation near Rs 7,400 crore, lower than earlier internal drafts.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based firm provides last-mile delivery across e-commerce and hyperlocal sectors, serving over 14,000 pin codes through 1.25 lakh delivery partners.

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.

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 1,806 crore in revenue and Rs 21crore in profit.