Shadowfax Readies ₹1,900 Crore IPO, Targets ₹7,400 Crore Valuation

Flipkart-backed logistics services provider Shadowfax Technologies is set to launch its maiden public offering next week, with plans to raise ₹1,900 crore through an initial public offering (IPO) and targeting a post-issue valuation of about ₹7,400 crore. 

The proposed IPO comprises a fresh issue of shares worth ₹1,000 crore and an offer-for-sale (OFS) of ₹900 crore by existing shareholders, including Flipkart Internet, Eight Roads Investments, NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.

Shadowfax’s board recently filed its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), following regulatory approval secured in October 2025 for a ₹2,000–₹2,500 crore IPO.  The company’s valuation guidance has been trimmed from earlier estimates of around ₹8,500 crore as it pursues a more conservative pricing approach aimed at broad institutional interest.

Founded in 2015, the Bengaluru-based startup operates a tech-driven logistics network spanning e-commerce express parcels, quick commerce and hyperlocal delivery services. It has seen strong revenue growth and narrowing losses, bolstering its case for a public listing.

The fresh capital is expected to support network expansion, capacity enhancement and brand building ahead of Shadowfax’s anticipated stock market debut later this quarter.