Hyperlocal logistics startup Shadowfax has pre-filed its draft red herring prospectus (DRHP) with India’s market regulator, joining a growing list of new-age companies that have opted for the confidential filing route.
Shadowfax, which is backed by Flipkart, Eight Road Ventures, and TPG, among others, is reportedly raising around Rs 2,000 crore—2,500 crore through an initial public offering (IPO).
The company made a public announcement in the business daily Financial Express. A Reuters report said that the company is aiming for a valuation of Rs 8,500 crore post-issue.
Earlier this year, Shadowfax had raised around $17 million (Rs 141 crore) from Mirae Asset Management and Nokia Growth Partners, at a valuation of a little over $700 million, regulatory filings showed.
Shadowfax has raised close to $250 million to date, and counts IFC, Qualcomm Ventures, and Trifecta Capital as its backers. The founders hold around 20% stake in the company, according to Tracxn.
Shadowfax was founded in 2015 by IIT-Delhi Alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya. It raised $100 million in funding in February 2024, in its largest funding round.
As of 2024, Shadowfax said it had a network across 2,500 cities and over 15,000 pin codes, delivering more than 2 million packages every day. It has 1.25 lakh monthly active delivery partners and 3.5 million registered users.
In FY24, the hyperlocal logistics startup reported an operating revenue of Rs 1,885 crore. It also turned operationally profitable, with EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 23 crore. The company’s net loss substantially narrowed to Rs 11.8 crore from over Rs 142 crore in FY23.
Feature image: Founders of Shadowfax
Edited by Swetha Kannan
