Logistics and last-mile delivery firm Shadowfax Technologies has raised around ₹850 crore ($95 million) from anchor investors, signalling strong institutional demand ahead of the opening of its initial public offering (IPO).
According to disclosures, the Bengaluru-based company allotted nearly 6.9 crore equity shares to anchor investors at ₹124 per share, the upper end of the IPO price band. The anchor round saw participation from a mix of leading domestic mutual funds and global institutional investors.
Domestic and global funds participate
Among domestic institutions, ICICI Prudential Mutual Fund emerged as the largest anchor investor. Other domestic participants included Nippon India Mutual Fund, Motilal Oswal Mutual Fund, along with multiple insurance and pension funds.
On the global side, the anchor book featured marquee investors such as Government Pension Fund Global (Norges Bank), HSBC Global Investment Funds, Societe Generale, and Eastspring Investments, reflecting strong overseas interest in India’s logistics and delivery space.
IPO structure and valuation
Shadowfax’s IPO comprises a fresh issue of approximately ₹1,000 crore and an offer-for-sale (OFS) of around ₹907 crore. Existing shareholders participating in the OFS include Flipkart India, Eight Roads Investments, International Finance Corporation (IFC), Nokia Growth Partners, NewQuest Asia Fund, and Miare Asset.
The issue has a lot size of 120 shares, translating to a minimum investment of about ₹14,880 for retail investors at the upper end of the price band. The company is targeting a post-money valuation of nearly ₹7,400 crore, lower than earlier internal estimates.
Business overview
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax provides last-mile delivery services across e-commerce and hyperlocal segments. The company operates across more than 14,000 pin codes and works with a network of around 1.25 lakh delivery partners.
Over the years, Shadowfax has raised nearly $246 million in funding. Eight Roads Ventures remains its largest external shareholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.
Financial performance
Shadowfax reported 32% year-on-year growth in revenue to ₹2,485 crore in FY25, while turning profitable with a net profit of ₹6.4 crore. In the first half of FY26, the company recorded ₹1,806 crore in revenue and ₹21 crore in profit, indicating improving operating leverage ahead of its public market debut.
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