Flipkart-backed hyperlocal logistics company Shadowfax has received SEBI's approval for its IPO. The company's operating revenue increased to ₹1,885 crore in FY2024, and it also registered an operating profit. Details regarding Shadowfax's IPO price band and lot size have not yet been disclosed.
Shadowfax IPO: Hyperlocal logistics provider Shadowfax, in which Flipkart is invested, has been granted approval by SEBI to launch an IPO. The company applied on July 2, 2025, and now must bring the IPO within one year. Shadowfax's operating revenue for FY2024 was ₹1,885 crore, with an operating profit of ₹23 crore and a net loss of ₹12 crore. The company provides its services in 2,200 cities across the country and is associated with 1.4 lakh delivery partners.
Preparing for Market Listing
Shadowfax's IPO is proposed to be listed on BSE and NSE. However, no information regarding the price band, lot size, and other deadlines has been released yet. The company filed a draft IPO confidentially with SEBI. The Draft Red Herring Prospectus (DRHP) is expected to be filed in the coming days, which will provide more information to investors. According to media reports, the company's IPO could be worth up to ₹25,000 crore, with half of it potentially being an offer for sale.
During this period, several new companies are also preparing for listing, including PhysicsWallah, boAt, Shiprocket, Groww, Pine Labs, Wakefit, Curefoods, Meesho, and Lenskart.
A Glimpse into Shadowfax's Business Model
Shadowfax Technologies is a logistics solutions provider company. It offers e-commerce express parcel delivery and value-added services. Its services include e-commerce and D2C delivery, hyperlocal and quick commerce services, and SMS and personal courier services via the Flash app.
According to company data, Shadowfax's network spans across 2,200 cities and over 14,300 pin codes in the country. It boasts a user base of over 3.5 million and 1.4 lakh quarterly delivery partners.
Financial Health
Shadowfax's FY2024 figures indicate an improvement in the company's financial position. During this period, the company's operating revenue increased by 33 percent year-on-year to approximately ₹1,885 crore. Shadowfax achieved profitability at the operating level during this time. Although the company incurred a net loss of ₹12 crore in FY2024, it secured an operating profit of ₹23 crore.
This financial performance clearly shows that the company is gradually moving out of losses and advancing towards a ber financial position.
IPO to Boost Shadowfax
Shadowfax's IPO will bring new opportunities for investors. Flipkart's investment has provided the company with a b foothold in logistics and technology. The increasing demand in hyperlocal and quick commerce delivery is driving rapid growth in the company's business. Through the IPO, the company will secure new capital, which will be instrumental for its network expansion, technology upgrades, and investments in logistics infrastructure.
Analysts believe that Shadowfax's robust delivery network and Flipkart's backing will maintain its competitive edge in the hyperlocal logistics sector.
