Shadowfax stumbled in its market debut, with shares falling as buyers weighed issues concerning the logistics agency’s heavy reliance on a handful of enormous e-commerce shoppers. The corporate raised about ₹19.07 billion (about $208.24 million) in its preliminary public providing.
The shares fell about 9% from the provide worth of ₹124 to ₹112.60 on Wednesday, valuing the Bengaluru-based logistics agency at roughly ₹64.7 billion (about $706.58 million) on debut, roughly matching its final personal valuation of near ₹60 billion (roughly $655.01 million) in early 2025. The providing, priced in a band of ₹118–124 per share, mixed a recent difficulty with an offer-for-sale by current shareholders and was subscribed nearly three times over.
Based in 2015, Shadowfax operates as a third-party logistics provider, dealing with last-mile and intra-city deliveries for e-commerce marketplaces, quick-commerce platforms and shopper web firms throughout India. The corporate counts e-commerce gamers together with Flipkart and Meesho, in addition to quick-commerce and meals supply platforms Zepto and Zomato, amongst its largest shoppers, which collectively account for about 74% of its income, in accordance with its prospectus. Its key shareholders embody Flipkart, TPG NewQuest, Qualcomm, and the World Financial institution-backed Worldwide Finance Company.
Shadowfax’s itemizing comes because the e-commerce and quick-commerce sectors proceed to broaden in India, pushed by rising web penetration, urbanization, and demand for quicker deliveries. Platforms providing same-day or fast success have more and more leaned on third-party logistics suppliers to scale nationally, inserting firms like Shadowfax on the centre of the nation’s shopper web provide chain.
The providing contains shares bought by some early and institutional backers, together with Flipkart, Eight Roads Ventures, Nokia Development Companions, Qualcomm, and Mirae Asset. Founders Abhishek Bansal and Vaibhav Khandelwal should not collaborating within the offer-for-sale and can collectively retain about 20% of the corporate after itemizing.
“We don’t see this IPO as a vacation spot,” mentioned Bansal, Shadowfax’s co-founder and CEO, throughout its IPO launch ceremony in Mumbai. “We’re not constructing this for the subsequent quarter. We’re constructing this for the subsequent century. Immediately, we don’t ring a bell. We’re waking as much as a brand new set of potentialities.”
Within the six months ended September 2025, Shadowfax reported income from operations of ₹18.06 billion (about $197.12 million), up 68% from the identical interval a yr earlier, per its prospectus. The corporate’s revenue greater than doubled yr over yr to ₹210.37 million (round $2.30 million), reflecting greater supply volumes, although earnings stay carefully tied to demand from a small group of enormous platform shoppers.
Techcrunch occasion
San Francisco
|
October 13-15, 2026
Shadowfax plans to make use of proceeds from the recent difficulty to fund capital expenditure for its community infrastructure, pay lease prices for brand new first-mile, last-mile and sorting centres, and meet branding, advertising and marketing and communication bills, its prospectus mentioned. A portion of the proceeds can even be saved for inorganic acquisitions and basic company functions.
The corporate at present operates round 3.5 million sq. ft of logistics infrastructure throughout 14,700 pin codes nationwide.
Shadowfax’s IPO comes greater than three years after its bigger rival, Delhivery, went public in 2022. Delhivery reported income of about ₹89.3 billion (round $974.84 million) within the yr ended March 2025, with year-over-year development within the low teenagers, underscoring the distinction with Shadowfax’s quicker growth.
Trending Merchandise
