Bengaluru-based logistics startup Shadowfax has taken a significant step toward its anticipated initial public offering (IPO) by converting into a public company. The company has officially changed its name from Shadowfax Technologies Private Limited to Shadowfax Technologies Limited, according to recent regulatory filings.
IPO Plans and Fundraising Target
The startup&rsquo;s board has approved the transition, paving the way for an IPO expected later this year. Reports suggest that Shadowfax aims to raise ₹2,500-3,000 crore through a combination of fresh equity issuance and an offer for sale (OFS) by existing investors. The company is expected to file its Draft Red Herring Prospectus (DRHP) in the coming months.
Business Growth and Financial Performance
Founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax started as a hyperlocal delivery service before evolving into a leading third-party logistics provider catering to Flipkart, Meesho, Nykaa, and other e-commerce giants.
For the financial year ending March 2024, Shadowfax reported:
✔ Revenue growth of 33.2% year-on-year to ₹1,885 crore
✔ EBITDA profitability, with an operating profit of ₹23 crore
✔ Significant reduction in net losses from ₹142.6 crore to ₹11.8 crore
Recent Funding and IPO Preparations
To date, Shadowfax has raised $246 million (₹2,104 crore) in funding. In February 2025, the startup secured an additional $16.8 million (₹140 crore) from Mirae Asset and Nokia Growth Partners as part of its extended Series F round.
The company has appointed ICICI Securities, JM Financial, and Morgan Stanley as lead managers for its IPO. Additionally, it has onboarded prominent independent directors, including:
🔹 Bijou Kurien &ndash; Consumer goods veteran
🔹 Ruchira Shukla &ndash; Co-founder of Synapses VC
🔹 Pirojshaw Sarkari &ndash; Former CEO of Mahindra Logistics
A Growing List of Startup IPOs
Shadowfax, backed by major investors such as Eight Roads Ventures, Flipkart, TPG NewQuest, Mirae Asset, Nokia Growth Partners, and Qualcomm, is set to join the expanding list of Indian startups entering the public markets.
With strong financials, a growing e-commerce logistics presence, and backing from key investors, Shadowfax is well-positioned for its stock market debut.
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Source: Indian Startup News

Bengaluru-based logistics startup Shadowfax has taken a significant step toward its anticipated initial public offering (IPO) by converting into a public company.

Shadowfax Transitions to Public Company Ahead of IPO Plans