Logistics startup Shadowfax Converts To Public Entity Ahead Of IPO

Flipkart-backed logistics startup Shadowfax has become a public company, according to filings with the corporate affairs ministry.

The Shadowfax board has approved a decision to make the company public and change its name from "Shadowfax Technologies Private Limited" to "Shadowfax Technologies Limited," according to its regulatory filing.

The company has hired ICICI Securities, JM Financial and Morgan Stanley as its bankers for the public offering.

The proposal was approved by Shadowfax's shareholders at an extraordinary general meeting this month.

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The startup, also backed by TPG NewQuest and Mirae Asset, raised Rs 400 crore in funding late last year, led by Edelweiss Discovery Fund, family offices, and high-net-worth individuals. This investment doubled its valuation to Rs 6,000 crore, ahead of its possible public listing.

In February, Shadowfax appointed three independent directors: consumer goods expert Bijou Kurien, VC fund Synapses’ co-founder Ruchira Shukla, and former Mahindra Logistics CEO Pirojshaw Sarkari.

In 2023-24, Shadowfax became EBITDA profitable, with an operating profit of Rs 23 crore. The Bengaluru-based company reported a 33% increase in revenue to Rs 1,884 crore and reduced its net loss by 92% to Rs 12 crore.

About Shadowfax 

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaithliya, Shadowfax has shifted from being an on-demand logistics provider for food delivery platforms to serving e-commerce clients like Meesho.

This move towards an IPO comes at a time when several new companies are also planning to go public.

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