Shadowfax logs 68% revenue growth ahead of ₹2,000 crore IPO

Business Nov 01, 2025

Shadowfax, the Flipkart-backed delivery company, just posted a 68% jump in revenue for the first half of FY26—hitting ₹1,805.6 crore. Profits more than doubled too, reaching ₹21 crore.
All this momentum comes as Shadowfax gets ready for its big IPO debut, aiming to raise ₹2,000 crore by selling both new and existing shares.

Express deliveries drive revenue surge for Shadowfax

Most of Shadowfax's cash came from express parcel deliveries (₹1,238.7 crore), while their hyperlocal and quick commerce services shot up by 83%.
But bigger business means higher costs: expenses rose 67%, mainly due to delivery staff and transport.
The IPO funds are set to help expand logistics infrastructure, upgrade tech, and repay existing borrowings as Shadowfax plans its next big steps.