Shadowfax Technologies is preparing to enter the public markets with a mainboard initial public offering that has attracted significant attention from equity investors, market analysts, and participants tracking India’s logistics and e-commerce infrastructure space. This content is written for retail investors, institutional investors, IPO analysts, and anyone seeking a detailed, factual explanation of the Shadowfax IPO, its business fundamentals, financial performance, valuation context, and long-term outlook.
If you are asking questions such as “Should I invest in Shadowfax IPO?”, “What is the valuation of Shadowfax IPO?”, “What is the IPO listing date?”, or “Is Shadowfax listed?”, this comprehensive analysis is designed to address those queries in a structured and neutral manner.
Shadowfax Technologies is launching its IPO from January 20 to January 22, 2026, aiming to raise approximately ₹1,907 crore through a combination of fresh issue and offer for sale. The issue price is fixed in the range of ₹118 to ₹124 per share. The IPO represents a major milestone for one of India’s largest tech-enabled, asset-light logistics platforms.
Table Of Contents
- IPO Overview And Key Dates
- Company Background And Operations
- Promoters, Management And Shareholding
- Business Model And Revenue Streams
- Financial Performance And Profitability Trends
- Use Of IPO Proceeds And Strategic Rationale
- Valuation Context And Market Positioning
- Industry Outlook And Competitive Landscape
- Key Risks And Growth Outlook
- Conclusion
- FAQs
The Shadowfax Technologies IPO is a book-built mainboard issue comprising both a fresh issue of equity shares and an offer for sale by existing shareholders.
The key features of the IPO are as follows:
| IPO Parameter |
Details |
| IPO opening date |
January 20, 2026 |
| IPO closing date |
January 22, 2026 |
| Allotment date |
January 23, 2026 |
| Tentative listing date |
January 28, 2026 |
| Price band |
₹118 to ₹124 per share |
| Lot size |
120 shares |
| Minimum retail investment |
₹14,880 at upper band |
| Exchanges |
BSE and NSE |
The issue includes a fresh issue of approximately 8.06 crore shares aggregating to ₹1,000 crore and an offer for sale of around 7.32 crore shares aggregating to ₹907 crore. Qualified institutional buyers are allocated at least 75% of the net issue, non-institutional investors up to 15%, and retail investors up to 10%.
ICICI Securities is the book-running lead manager, while Kfin Technologies acts as the registrar to the issue. The pre-issue market capitalisation is estimated at approximately ₹7,169 crore.
Shadowfax Technologies Private Limited was incorporated in June 2016 and has grown into one of India’s largest technology-driven logistics service providers. The company focuses on express parcel delivery for e-commerce, hyperlocal and quick commerce logistics, and value-added supply chain services.
The platform operates across more than 2,300 cities and over 14,700 PIN codes in India. Its physical and operational infrastructure includes over 4,299 touchpoints, consisting of first-mile hubs, last-mile delivery centres, and 53 large sortation centres with a total covered area of approximately 1.8 million square feet.
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On an average day, Shadowfax handles around 1.6 million shipments. It operates an asset-light model supported by a network of more than 200,000 quarterly active delivery partners and a linehaul fleet of approximately 3,000 trucks.
Shadowfax Technologies serves several large and established clients across e-commerce, food delivery, and quick commerce. These include Flipkart, Myntra, Meesho, Swiggy, Zomato, Blinkit, Zepto, Nykaa, and Bigbasket. As of September 2025, the company employed 4,472 permanent employees and 17,182 contract workers.
Technology plays a central role in operations, with proprietary tools such as SF Maps for route optimisation and SF Shield for service reliability and fraud prevention.
Shadowfax Technologies was founded by Abhishek Bansal and Vaibhav Khandelwal, both alumni of IIT Delhi. Abhishek Bansal serves as Chairman and Chief Executive Officer, bringing over a decade of experience in logistics and organisational consulting. Vaibhav Khandelwal serves as Chief Technology Officer and oversees platform architecture, data analytics, and product development.
The founders collectively hold approximately 19.13% of the company’s equity prior to the IPO. Early team members, including Gaurav Jaithliya and Praharsh Chandra, contributed significantly to the early scaling of operations and network expansion.
The company has received backing from reputed institutional investors, including TPG and Flipkart. Across nine funding rounds, Shadowfax Technologies has raised approximately $212.8 million, which has been deployed towards technology development, network expansion, and working capital support.
Shadowfax operates a technology-led, asset-light logistics platform that connects businesses with a flexible delivery workforce. The company leverages artificial intelligence, machine learning, and real-time analytics to optimise routes, allocate deliveries, and manage capacity dynamically.
Delivery partners are onboarded through mobile applications such as Shadowfax Partner, while enterprise clients access logistics services through integrated APIs and dashboards. The platform supports end-to-end delivery, including first-mile pickup, mid-mile transportation, and last-mile fulfilment.
Revenue is primarily generated through service fees charged on a per-shipment basis. Pricing varies depending on distance, service speed, delivery density, and value-added options such as same-day or expanded-zone delivery.
Revenue contribution by segment is broadly structured as follows:
| Business Segment |
Approximate Revenue Contribution |
| E-commerce express parcels |
~70% |
| Hyperlocal and quick commerce |
~20% |
| Other value-added services |
~10% |
The business model emphasises scalability, flexible cost structures, and high utilisation of gig-based delivery partners, allowing rapid expansion without heavy asset ownership.
Shadowfax Technologies has demonstrated strong top-line growth and a gradual improvement in profitability metrics over recent years, reflecting operating leverage and scale benefits.
Key financial highlights include:
| Period |
Total Income ₹ Cr |
PAT ₹ Cr |
EBITDA ₹ Cr |
| H1 FY26 |
1,820 |
21 |
64 |
| FY25 |
2,515 |
6 |
56 |
| FY24 |
1,896 |
-12 |
11 |
| FY23 |
1,423 |
-143 |
-113 |
Revenue grew from ₹1,896 crore in FY24 to ₹2,515 crore in FY25. For the first half of FY26, total income reached ₹1,820 crore, representing approximately 68% year-on-year growth. Profit after tax turned positive at ₹6 crore in FY25 and improved further to ₹21 crore in H1 FY26.
EBITDA margins improved to 2.86% in H1 FY26, reflecting better cost control and higher delivery density. Net worth increased to approximately ₹694 crore, while the debt-to-equity ratio stood at a conservative 0.21.
The pre-IPO earnings per share are approximately ₹0.12, resulting in a high price-to-earnings multiple that reflects growth-stage valuation rather than mature profitability.
Understand how Shadowfax’s revenues, margins, and profitability metrics compare across periods; Analyse detailed Shadowfax IPO financials with trend-level clarity.
The primary objective of the fresh issue is to fund expansion and strengthen operational capabilities. The company plans to deploy proceeds towards infrastructure development, capacity expansion, and technology upgrades.
Planned utilisation of fresh issue proceeds includes:
| Purpose |
Approximate Allocation |
| Infrastructure and capex |
₹423 crore |
| Lease payments for new centres |
₹139 crore |
| Sales and marketing |
₹89 crore |
| Inorganic acquisitions and general purposes |
Balance |
The offer for sale component provides partial exit and liquidity to early investors, including institutional shareholders.
The IPO aligns with the company’s profitability inflexion point and supports scaling operations to meet increasing demand from e-commerce and quick commerce platforms.
At the upper end of the price band, Shadowfax Technologies is valued at approximately ₹7,169 crore pre-issue. This valuation implies a high multiple on current earnings, reflecting expectations of sustained growth, margin expansion, and sector tailwinds.
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When analysing what is the valuation of Shadowfax IPO, it is important to compare it with peers in the logistics and supply chain technology space. The premium valuation is driven by the company’s scale, client concentration in high-growth segments, and asset-light operating structure.
For investors asking, “Is Shadowfax listed?”, the answer is no prior to this IPO. Post listing on BSE and NSE, the stock will be publicly traded, subject to market conditions.
India’s logistics sector is estimated to be worth over $350 billion and is expected to grow at a compound annual growth rate of 10 to 12%. Growth drivers include rising e-commerce penetration, quick commerce adoption, and increasing outsourcing of logistics functions by enterprises.
Shadowfax operates in a competitive environment alongside players such as Delhivery, Ecom Express, and several regional logistics providers. Its competitive advantages include a dense delivery network, a diversified client base, and a proprietary technology stack.
The focus on gig-based delivery and hyperlocal optimisation positions the company favourably for urban and semi-urban demand growth.
Key risks associated with the Shadowfax IPO include dependence on large e-commerce clients, competitive pricing pressures, and fluctuations in delivery partner availability. High technology dependence and ongoing capital requirements also pose execution risks.
However, positive factors include daily handling of approximately 1.6 million packages, diversified client relationships, and improving profitability metrics. The expansion into quick commerce and value-added services provides additional growth levers.
For growth-oriented investors, the IPO may be suitable, while valuation-sensitive investors may prefer to track post-listing performance.
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Shadowfax Technologies IPO represents a significant public market entry for a leading technology-enabled logistics platform in India. With strong revenue growth, improving profitability, and exposure to structural e-commerce tailwinds, the company offers a differentiated growth story.
However, high valuation multiples and competitive intensity warrant careful consideration. Investors should align expectations with long-term growth potential rather than short-term earnings.
- What is the IPO listing date of Shadowfax Technologies?
The tentative IPO listing date is January 28, 2026, subject to final approvals.
- What is the valuation of Shadowfax IPO?
At the upper price band, the company is valued at approximately ₹7,169 crore pre-issue.
- Is Shadowfax listed on the stock market?
No, Shadowfax Technologies is not listed prior to this IPO. It is expected to list on BSE and NSE after allotment.
- What does Shadowfax Technologies do?
Shadowfax provides tech-enabled logistics services across e-commerce, hyperlocal delivery, and quick commerce segments.
- Is Shadowfax IPO suitable for long-term investors?
The IPO may suit long-term, growth-oriented investors comfortable with premium valuations and execution risks.