Shadowfax Eyes IPO via Confidential Route
Shadowfax is preparing to confidentially file draft IPO papers with Sebi. The issue size is expected to be ₹2,000–2,500 crore. It will join firms like Groww and Shiprocket in taking the silent route to market listing. The startup is aiming for a valuation of ₹5,500–6,000 crore.
IPO Size, Valuation, and Bankers
The ₹2,000–2,500 crore IPO will include both a fresh issue and offer for sale. Shadowfax is targeting a ₹5,500–6,000 crore valuation, depending on market conditions. ICICI Securities, JM Financial, and Morgan Stanley are advising on the issue.
Funds to Boost Quick Deliveries
Rs 1,000–1,100 crore from the primary issue will be used to expand Shadowfax’s quick delivery services. The funds will help strengthen its presence in hyperlocal and same-day logistics across Indian cities.
Quick Commerce is Gaining Share
Quick commerce and hyperlocal deliveries currently make up 25–30% of Shadowfax’s revenue. This share is expected to rise to 35–40% as consumer demand grows and the company expands operations.
Strong Clients, ONDC Presence
Shadowfax’s client list includes Flipkart, Nykaa, Ajio, and Meesho. It is also a logistics partner for ONDC, giving it a strategic role in India’s growing digital commerce infrastructure.
Logistics Startups Step Into Spotlight
Shadowfax’s IPO will test market appetite for tech-first logistics models. As startup listings gain traction, its growth story and operational focus make it a notable one to track in 2025.
