Logistics startup Shadowfax is gearing up for its initial public offering (IPO), expected to launch in the latter half of 2025. The company has enlisted JM Financial, Morgan Stanley, and ICICI Securities as lead bankers for the IPO, which could raise around ₹2,500 crore ($295 million). The final amount may vary between ₹2,000 crore ($235 million) and ₹3,000 crore ($350 million), depending on investor interest, according to sources cited by Top Sources.
The IPO follows Shadowfax’s recent ₹400 crore ($47 million) funding round, backed by Edelweiss Discovery Fund and multiple high-net-worth individuals (HNIs) and family offices. The company was valued at ₹6,000 crore ($705 million) during this round and aims for a higher valuation for its public debut.
Earlier this year, Shadowfax secured ₹850 crore ($100 million) in funding led by TPG NewQuest, with participation from existing investors like Mirae Asset, Flipkart, International Finance Corporation (IFC), Nokia Growth Partners, Qualcomm, and Trifecta Capital. This funding round included both primary capital infusion and secondary transactions, where existing investors sold shares to allow new backers to join—standard practice for IPO-bound companies.
Based in Bengaluru, Shadowfax specializes in e-commerce logistics and hyperlocal delivery. Its extensive network spans over 2,500 cities and 19,000 pin codes, handling more than 2 million packages daily, including quick-commerce deliveries. The company also supplies delivery personnel for peak demand in rapid delivery services, a booming market in India.
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