Flipkart-Backed Shadowfax Files For Rs 2,500-Crore IPO

Shadowfax Technologies Ltd., a logistics service provider backed by Flipkart, filed a confidential draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering.

The IPO size is expected to be in the range of Rs 2,000–2,500 crore, comprising a mix of fresh issue and offer for sale by existing shareholders. The company is expected to be valued at around Rs 8,500 crore.

Shadowfax plans to utilise the proceeds from the fresh issue towards enhancing capacity, driving growth, and further investments in the company’s network business, as per reports.

The confidential pre-filing route allows a company to withhold public disclosure of details under the DRHP until later stages.

The Bengaluru-based company counts many marquee investors, including Flipkart, TPG, Mirae Asset Ventures, International Finance Corp. and Nokia Growth Funds.

The company has a robust distribution network covering over 2,200 Indian cities and more than 14,300 pin codes. The e-commerce segment is the major revenue contributor, accounting for around 75% of the business and the remaining comes from quick commerce and hyperlocal deliveries.

In its last fundraise in February, Shadowfax was valued at Rs 6,000 crore.

The company was founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya.

(With PTI inputs)