Shadowfax Technologies, a logistics firm backed by Flipkart, has received approval for its IPO from market regulator Securities and Exchange Board of India (SEBI).
The regulator has issued its observations during the week ended October 10, which sets the stage for the company to submit an updated draft prospectus in the near term. The IPO is expected to raise around ₹2,000 crore and ₹2,500 crore from both fresh equity and existing shareholders' base offer.
Market sources say they value the firm at ₹8,500 crore – a huge increase from its previous valuation of ₹6,000 crore during their funding raised in February 2025, indicating increasing conviction from the investing community in India's logistics and e-commerce delivery sector.
Also Read: Top 5 Logistics Providers Powering India’s Festive Deliveries
Shadowfax plans to allocate the money allocated to their IPO expansion to improve capacity, their network, and overall growth of the company. The company receives nearly 75% of all the revenue in e-commerce deliveries and the other 25% comes from quick commerce and hyperlocal logistics.
This Bengaluru-based company has major shareholders that include TPG, Eight Roads Ventures, Mirae Asset Ventures, and Flipkart. Shadowfax competes with some of the major logistics firms in India such as Delhivery, XpressBees, Ecom Express, Blue Dart and Shiprocket. In FY24, Shadowfax Technologies reported a 33.2% increase in revenue to ₹1,885 crore and reduced their losses by 92% to ₹11.8 crore, indicating a good turnaround before their highly anticipated market listing.
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