BSE List Price : ₹113.00

NSE List Price : ₹112.60

subscription

Category	Times
QIBs	2.35x
HNIs	0.88x
Retail	2.42x
Total : 2.07x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	1	120	₹14,880
Retail Maximum	13	1,560	₹193,440
S-HNI Minimum	14	1,680	₹208,320
S-HNI Maximum	67	8,040	₹996,960
B-HNI Minimum	68	8,160	₹1,011,840

About the Company

Established in June 2016, Shadowfax Technologies Ltd is a technology-driven logistics company in India, catering to e-commerce, D2C brands, hyperlocal delivery, quick commerce, and personal courier segments.

The company provides a comprehensive range of services including express parcel delivery for e-commerce, same-day and quick commerce logistics, hyperlocal deliveries, and SMS as well as personal courier solutions through its Shadowfax Flash application.

Shadowfax operates a pan-India logistics network comprising 4,299 touchpoints across first-mile, last-mile, and sorting facilities, covering 14,758 pin codes as of September 30, 2025.

Its operations are supported by over 3.50 million sq. ft. of logistics infrastructure, including 53 sort centres spanning 1.80 million sq. ft., facilitating efficient shipment aggregation and dispatch at scale.

The company follows an asset-light operating model, leasing warehouses and linehaul assets while owning key automation systems and machinery. It manages a linehaul network of over 3,000 trucks operating daily.

The technology platform is powered by an average of 205,864 quarterly active delivery partners, along with 4,472 permanent employees and 17,182 contractual staff as of September 30, 2025.

Shadowfax serves a wide range of leading clients such as Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, Magicpin, and Licious, positioning it as a large-scale, end-to-end last-mile and quick commerce logistics provider in India.

Proceeds from the IPO are proposed to be utilized for capital expenditure towards network expansion (?423.43 crore), lease payments for new facilities (?138.64 crore), branding and marketing initiatives (?88.57 crore), and inorganic growth opportunities along with general corporate purposes.

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2023	₹1	₹1565.53	₹-142.64	₹442.73
2024	₹422.89	₹1908.36	₹-11.88	₹786.14
2025	₹1	₹2508.60	₹6.43	₹1259.26
September 2025	₹896.48	₹1798.77	₹21.04	₹1453.16

Company Promoter

Abhishek Bansal

Vaibhav Khandelwal

Know before investing

• • Strengths

  Extensive gig-based last-mile delivery network with deep market reach, supporting e-commerce, quick commerce, and hyperlocal delivery requirements.

  A solid nationwide network supported by extensive touchpoints and automation for efficient, scalable operations.

• • Risks

  Concentration risk within the logistics network – Operational performance may be adversely impacted by disruptions across the company’s integrated network.

  Significant reliance on a key customer, contributing nearly half of revenues, exposes the business to performance risks if the relationship weakens or ends.

Objects of the Issue & Utilisation of proceeds

Funding of capital expenditure requirements of our Company in relation to our network infrastructure.
Funding of lease payments for new first mile centers, last mile centers and sort centers.
Funding of branding, marketing and communication costs and.
Unidentified inorganic acquisitions and general corporate purposes.

Company  Address

Shadowfax Technologies Ltd.
1st Floor, Appek Building, 93/A
4th B Cross Rd, 5th Block,
Koramangala,
Bengaluru, Karnataka, 560095
Email: hello@shadowfax.in
Website: https://www.shadowfax.in/

IPO Registrar

KFin Technologies Limited
Phone: +91 40 6716 2222/18003094001
Email: shadowfax.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/

IPO Review

May Apply