This Flipkart-backed logistics company wants to raise ₹2,000cr via IPO
What's the story
Shadowfax Technologies, a logistics company backed by Flipkart, TPG, and Qualcomm, has filed its updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI). The Bengaluru-based firm plans to raise up to ₹2,000 crore through an initial public offering (IPO). The company intends to issue fresh shares worth ₹1,000 crore while existing investors will offload shares worth an equal amount through an offer-for-sale.
Shareholder details
Who are the selling shareholders
Among the selling shareholders in the OFS are Flipkart Internet, Eight Roads Investments Mauritius, TPG's NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset, and Qualcomm. Snapdeal founders Kunal Bahl and Rohit Kumar Bansal are also part of this list. The company has said that the UDRHP-I will be open for comments for at least 21 days from its filing date with SEBI and stock exchanges.
Fund allocation
How will Shadowfax utilize IPO proceeds?
Shadowfax plans to use ₹423.4 crore from the fresh issue proceeds for network infrastructure, and ₹138.6 crore for lease payments for new first-mile centers, last-mile centers, and sort centers. The company also intends to spend ₹88.6 crore on branding, marketing and communication costs. The remaining funds will be allocated toward the unidentified inorganic acquisitions and general corporate purposes.
Financial growth
Financial performance of Shadowfax
Shadowfax has posted a consolidated profit of ₹21 crore for the six-month period ending September 2025, up 113.9% from ₹9.8 crore in the same period last fiscal. Its revenue also surged by 68.4% to ₹1,805.6 crore during this time, compared to ₹1,072 crore in the previous fiscal year. The company processed 29.4 crore orders during these six months, a CAGR of 50.11% over the same period last fiscal year.
IPO management
Merchant bankers managing the IPO
The merchant bankers managing Shadowfax's IPO are ICICI Securities, Morgan Stanley India Company, and JM Financial. The company has already received SEBI's approval on the confidential draft papers for its IPO.