Shadowfax Receives SEBI Approval for INR 2,500 Cr IPO The approval follows nearly three months after the company filed its draft red herring prospectus through the confidential route.
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Bengaluru-based logistics startup Shadowfax has secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its INR 2,500 crore initial public offering.
The development was confirmed in SEBI's "Processing Status: Issues as on October 17, 2025" report, which lists Shadowfax among the companies cleared for public issue this month.
The proposed IPO will include a fresh issue of equity shares as well as an offer for sale by existing investors such as Flipkart, Eight Roads Ventures, and NGP Capital. The approval follows nearly three months after the company filed its draft red herring prospectus through the confidential route.
Shadowfax is reportedly aiming for a post-issue valuation of around INR 8,500 crore. Earlier this year, the firm was valued at approximately INR 5,981 crore after raising USD 16.8 million from Mirae Asset and Nokia Growth Partners as part of its Series F funding round.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax provides last-mile delivery solutions with a focus on e-commerce and hyperlocal logistics. The company operates a network of more than 1.25 lakh monthly active delivery partners serving categories such as grocery, food, and medicine.
Data from TheKredible indicates that Shadowfax has raised about USD 246 million to date. Eight Roads Ventures remains its largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.
In the financial year 2024, Shadowfax reported a revenue of INR 1,885 crore, a 33.2 percent increase from the previous year. The company also managed to cut its losses significantly to INR 11.8 crore from INR 142 crore in FY23.
With SEBI's approval, Shadowfax joins other firms such as boAt, Wakefit, Lenskart, Capillary Technologies, Groww, and Pine Labs that have recently received the regulator's clearance to launch public offerings.
