Shadowfax files Rs 2,000 Cr IPO papers, Flipkart and global funds to pare stakes
According to the updated DRHP, Shadowfax aims to deploy Rs 423.4 crore from the fresh issue toward expanding its logistics network infrastructure, and Rs 138.6 crore for lease payments related to new first-mile, last-mile, and sorting centres.
Bengaluru-based logistics platform Shadowfax Technologies Ltd. has submitted its updated draft red herring prospectus (UDRHP) to the SEBI, outlining plans to raise up to Rs 2,000 crore through an initial public offering (IPO).
The proposed issue will comprise a fresh equity sale of Rs 1,000 crore and an offer for sale (OFS) of another Rs 1,000 crore by existing shareholders, the draft papers submitted to the market regulator read.
Among those offloading shares are some of Shadowfax’s earliest and largest backers, including Flipkart Internet Pvt. Ltd. (owned by Walmart), Eight Roads Investments Mauritius II, TPG’s NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation (IFC), Mirae Asset, and Qualcomm Asia Pacific.
Also joining the sell-off are Kunal Bahl and Rohit Kumar Bansal, Co-founders of Snapdeal, who hold individual stakes in the company.
At present, the company’s promoters own 20.26%, while the remaining 79.74% is held by institutional and individual investors. Among these, NewQuest Asia Fund, Eight Roads Investments, and Flipkart Internet rank as the largest shareholders, each controlling more than 14% of Shadowfax.
According to the filing, the company intends to deploy Rs 423.4 crore from the fresh issue toward expanding its logistics network infrastructure, and Rs 138.6 crore for lease payments related to new first-mile, last-mile, and sorting centres.
Another Rs 88.6 crore, Shadowfax will use for brand development, marketing, and communications, while the balance will fund potential acquisitions and general corporate purposes.
The company may also conduct a pre-IPO placement worth up to 20% of the fresh issue size (Rs 200 crore) before the main listing.
Founded by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax has built a pan-India logistics network serving ecommerce, food delivery, and quick-commerce clients. As of September 30, 2025, its network covers 14,758 Indian pin codes.
According to the DRHP, the book-running lead managers for the Shadowfax IPO are ICICI Securities, Morgan Stanley India Company, and JM Financial.
Edited by Suman Singh