Shadowfax Technologies, a tech-led third-party logistics firm, has filed its updated draft red herring prospectus (UDRHP) with SEBI for a ₹2,000 crore IPO.
The company proposes to utilise the net proceeds towards funding capital expenditure requirements related to its network infrastructure, lease payments for new first-mile, last-mile, and sort centres, branding, marketing, and communication initiatives, unidentified inorganic acquisitions, and general corporate purposes.
Expanding network and service mix
The company intends to utilise ₹423.4 crore from the fresh proceeds for capital expenditure requirements for its network infrastructure, ₹138.6 crore for lease payments for new first-mile centres, last-mile centres, and sorting centres, and ₹88.6 crore for branding, marketing, and communication. The remaining amount will be used for inorganic acquisitions and general corporate purposes.
The company has a service network encompassing 14,758 Indian pin codes as of September 30, 2025. Shadowfax serves a wide range of enterprise clients, including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies. The company offers express forward parcel deliveries, reverse pickups, and on-demand hyperlocal and critical logistics solutions.
Growth led by e-commerce and Q-commerce
E-commerce accounts for about 70% of its business, which has grown by about 55% year-on-year (YoY). The rest is quick commerce, which is growing 90% YoY. “Quick commerce continues to remain a massive growth lever for the company, especially with new players entering the segment,” said a person in the know.
“There is a huge opportunity to continue gaining market share by acquiring more brands, and diversifying into smaller SMEs and other segments,” the person said.
The company will conduct pre-IPO rounds closer to the listing date, according to people familiar with the matter.
Strong financial momentum before listing
Shadowfax processed 436.36 million orders in the FY25, achieving a CAGR of 29.77% from the FY23. During the six months ended September 30, 2025, the company processed 294.45 million orders, representing a CAGR of 50.11% from the six months ended September 30, 2024.
In the financial year 2025, the company generated revenue from operations of ₹2,485.13 crore, with an Adjusted EBITDA margin of 1.96%. For the six months ended September 30, 2025, the company reached ₹1,805.64 crore in revenue from operations with an Adjusted EBITDA margin of 2.86%
ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited are the Book Running Lead Managers to the issue.
Published on November 1, 2025
