Mumbai: Flipkart-backed logistics company Shadowfax Technologies has filed an updated Draft Red Herring Prospectus (DHRP) with SEBI for raising ₹2,000 crore through an IPO. The market regulator had already approved the company’s DHRP on October 7 through the confidential route.
Currently, the promoters, including Flipkart, own about 20.26% of the company, while the remaining is held by institutional investors Flipkart, Newquest and Eight Roads Investments are the largest shareholders in the company, with each holding over 14% of the company.
The issue is a combination of a fresh issue of shares worth ₹1,000 crores and an equal offer for sale (OFS) of ₹1,000 crore by existing shareholders, including early investors like TPG Growth, IFC, Mirae Asset and Flipkart. The fresh raised will be used for business expansion- including infrastructure investments, lease payments and other investments.
Since being set up in 2015, the company has grown to have a strong presence across e-commerce and hyperlocal logistics. It has a wide network of sorting and cross-docking facilities across the country, with 4,156 last mile delivery centers covering 14,758 pincodes across India.
The company has reported a 32% year-on-year growth in revenue at ₹2,485 crore in FY25, with a corresponding net profit of ₹6.4 crore. The company competes with Delhivery, ExpressBees, Ecom Express and BlueDart in this space, and has almost 21% share in the e-commerce shipment volumes in 2026.
