Summary: 1. Shadowfax's board approved dropping 'Private' from its name during March 6 EGM. 2. Company name changed from 'Shadowfax Private Technologies Limited' to 'Shadowfax Technologies Limited.' 3. Board approved increasing authorized share capital from INR 261.48 Cr to INR 900 Cr. 4. Logistics startup aims for public listing worth INR 2,500-3,000 Cr. 5. These moves mark significant steps toward Shadowfax's planned IPO.
Logistics Platform Takes Critical Step Toward Stock Market Debut
In a significant corporate development signaling its public market ambitions, logistics startup Shadowfax has officially transformed into a public entity. The company’s board of directors, during an extraordinary general meeting (EGM) held on March 6, approved the removal of the word ‘private’ from its corporate identity, changing from ‘Shadowfax Private Technologies Limited’ to simply ‘Shadowfax Technologies Limited.’
This strategic move represents a crucial milestone in the company’s journey toward an initial public offering (IPO), which industry analysts have been anticipating for several months.
Capital Restructuring and IPO Framework
According to regulatory filings with the Ministry of Corporate Affairs (MCA), Shadowfax has outlined its intention to pursue a public listing with considerable clarity. The company’s official filing states: “The company is proposing to undertake an initial public offer of the equity shares of face value of INR 10 each of the company comprising of fresh issuance of equity shares by the company and an offer for sale of equity shares by certain existing shareholders of the company and together with the fresh issue, and list the equity shares on one or more of the stock exchanges.”
Beyond the name change, the board has implemented a substantial increase in the company’s authorized share capital, raising it to INR 900 crore from its previous INR 261.48 crore. This capital restructuring provides the financial framework necessary to support the company’s upcoming public offering.
While Shadowfax has yet to make a formal announcement detailing its IPO timeline, market sources indicate the logistics firm is preparing for a substantial public offering in the range of INR 2,500 crore to INR 3,000 crore. This proposed offering would position the company at a valuation between INR 5,000 crore and INR 8,000 crore, reflecting significant market confidence in its business model and growth prospects.
Reports suggest that the company has enlisted prominent financial institutions to guide its public market entry, with ICICI Securities, JM Financial, and Morgan Stanley expected to serve as the lead managers for the offering.
Building a Logistics Powerhouse
Founded in 2015 by entrepreneurs Vaibhav Khandelwal and Abhishek Bansal, Shadowfax has established itself as one of India’s fastest-growing logistics service providers. The company offers a comprehensive suite of delivery services, including intercity express parcel delivery, same-day delivery, and 30-minute delivery options.
The logistics platform has achieved significant operational scale, claiming to have delivered over 1 billion parcels across more than 18,000 pincodes throughout India. Its client portfolio includes many of India’s leading e-commerce and retail brands, including Nykaa, AJIO, Flipkart, and Meesho. The company’s growth has been supported by strategic investments from Flipkart, Eight Roads Ventures, and TPG, among others.
Strategic Preparations for Public Listing
In the months leading up to its anticipated public offering, Shadowfax has undertaken several strategic initiatives to strengthen its market position and corporate governance structure:
- The company recently received a significant capital infusion from its co-founders, who invested INR 65.4 crore (approximately $7.5 million) at a post-money valuation of $750 million. This funding followed a February investment round of $4 million from existing backers Mirae Asset and Nokia Growth Partners.
- Shadowfax has bolstered its board of directors with the appointment of three independent directors in February: Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari. These appointments bring additional industry expertise and governance experience to the company’s leadership structure.
- In January, the company completed the strategic acquisition of CriticaLog India, expanding its service capabilities and enabling the rollout of more comprehensive and customizable delivery solutions across the country.
These corporate initiatives have been complemented by impressive financial performance improvements. In fiscal year 2024, Shadowfax dramatically reduced its net losses by nearly 92%, bringing them down to INR 11.8 crore from INR 142.6 crore in the previous year. Meanwhile, the company’s revenue grew by 33% to INR 1,884.8 crore, up from INR 1,415.1 crore in fiscal year 2023.
Joining India’s Tech IPO Wave
Shadowfax’s public listing plans come amid a significant wave of technology company IPOs in the Indian market. Last year saw 13 new-age technology firms make their public market debuts, including prominent names such as Swiggy, Go Digit, Awfis, Ola Electric, FirstCry, ixigo, and MobiKwik.
Despite more challenging market conditions in the current calendar year, over 20 new-age ventures are reportedly preparing for public listings. Several companies, including PhysicsWallah, Zappfresh, Ather Energy, ArisInfra, and BlueStone, have already filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (SEBI). Of these, five have received regulatory approval to proceed with their public offerings.
Shadowfax joins other high-profile companies like Zepto, bOAt, and Car Dekho that are actively preparing their IPO documentation for regulatory submission. The company’s progress toward public listing represents another significant milestone in the evolution of India’s vibrant technology ecosystem and its increasing integration with public capital markets.
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