Shadowfax, one of India’s leading logistics startups, has received approval from the Securities and Exchange Board of India (SEBI) to launch its ₹2,500 crore initial public offering (IPO). The IPO will consist of a fresh issue of equity shares along with an offer for sale (OFS) by existing shareholders, including Flipkart, Eight Roads Ventures, and NGP Capital.
The regulatory approval follows nearly three months after Shadowfax filed its Draft Red Herring Prospectus (DRHP) through the confidential route. The company is reportedly eyeing a post-issue valuation of around ₹8,500 crore, up from its last valuation of ₹5,981 crore ($712 million) after raising $16.8 million from Mirae Asset and Nokia Growth Partners in February 2025.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based logistics firm specializes in last-mile delivery across e-commerce, hyperlocal, grocery, food, and pharma segments. With over 1.25 lakh monthly active delivery partners, Shadowfax has built one of India’s most extensive on-ground delivery networks.
the company has raised approximately $246 million to date, with Eight Roads Ventures holding the largest external stake, followed by Flipkart, NewQuest Asia, and NGP Capital.
In FY24, Shadowfax reported a 33.2% year-on-year revenue growth, reaching ₹1,885 crore, while successfully reducing its losses by 91% to ₹11.8 crore compared to ₹142 crore in FY23.
With SEBI’s approval, Shadowfax joins other high-profile startups preparing for public listing, including boAt, Wakefit, Lenskart, Capillary Technologies, Groww, and Pine Labs. The IPO marks a crucial milestone in Shadowfax’s journey to strengthen its logistics infrastructure and expand its technology-driven delivery ecosystem across India.
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