Shadowfax prepares for confidential IPO filing

Business Jun 27, 2025

Shadowfax—a major logistics startup supported by TPG Capital—is getting ready to file for an IPO with SEBI next week.
The company wants to raise up to ₹2,500 crore through a mix of new shares and some existing investors selling their stakes.

Shadowfax aims to expand its delivery network

If things go as planned, Shadowfax's valuation could jump to about ₹8,500 crore (up from ₹6,000 crore earlier this year). The money raised will help them boost capacity and expand their delivery network.
Started in 2015 by IIT Delhi grads, Shadowfax now covers 2,200 cities and 14,300 PIN codes—mostly powering e-commerce deliveries (that's 75% of their business), with the rest coming from quick commerce and hyperlocal services.