Shadowfax Technologies Limited is an India-based, technology-driven logistics solutions provider offering end-to-end and last-mile delivery services. The company primarily focuses on e-commerce express parcel delivery along with a wide range of value-added logistics solutions, catering to leading digital commerce, hyperlocal, and quick commerce platforms.
Shadowfax provides an integrated suite of logistics services, including:
- E-commerce & D2C Express Delivery: End-to-end logistics support for online marketplaces and direct-to-consumer brands.
- Hyperlocal & Quick Commerce Delivery: Time-sensitive deliveries, including same-day and within-hours delivery services for food, grocery, and essential items.
- SME & Personal Courier Services: Offered through the company’s consumer-facing Shadowfax Flash App, enabling document and parcel delivery for individuals and small businesses.
As of September 30, 2025, Shadowfax operated a pan-India logistics network with 4,299 touchpoints across first-mile, last-mile, and sort centres, covering 14,758 pin codes. The company managed over 3.50 million sq. ft. of operational space, including 53 sort centres spanning about 1.80 million sq. ft., used for shipment consolidation, automated sorting, and dispatch.
hadowfax follows an asset-light logistics model where logistics facilities and linehaul operations are largely leased, while key automation systems and machinery are owned to ensure operational control. The company operates a dedicated fleet of over 3,000 trucks daily, enabling scalable operations with improved cost efficiency and service reliability.
As of September 30, 2025, Shadowfax’s platform was supported by a flexible delivery workforce of 205,864 average quarterly unique transacting delivery partners, enabling efficient handling of high volumes and peak-demand deliveries across regions.
The company services a diversified and high-quality client portfolio, including leading names such as Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others.
As of September 30, 2025, Shadowfax employed 4,472 permanent employees and 17,182 contract workers, supporting its operations, technology, and logistics network across India.
Shadowfax Technologies IPO – Details
| IPO Opening Date | 20 January 2026 |
| IPO Closing Date | 22 January 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 15,38,12,096 Shares Worth ₹1907.27 Crore Fresh Issue: 8,06,45,161 Shares Worth ₹1000.00 Crore Offer For Sale: 7,31,66,935 Shares Worth ₹907.27 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹118 – ₹124 per share |
| Market Lot | 120 Shares |
| Min Order | 120 Shares [ 1 lot ] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Shadowfax Technologies IPO – Date Schedule
| IPO Open Date | 20 January 2026 |
| IPO Close Date | 22 January 2026 |
| Basis of Allotment | 23 January 2026 |
| Initiation of Refund | 27 January 2026 |
| Credit of Shares to Demat Account | 27 January 2026 |
| IPO Listing Date | 28 January 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on January 22, 2026 |
Shadowfax Technologies IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
Competitive Strength
- Agile and customisable logistics services that enable faster go-to-market for clients.
- Largest last-mile gig-based delivery partner infrastructure.
- Network infrastructure serves as the backbone of our efficient and scalable delivery system.
- Proprietary and agile technology capabilities.
- Proven business model, with focus on profitability, while delivering healthy growth.
- Experienced management team supported by entrepreneurial founders.
Company Promoters
- Abhishek Bansal
- Vaibhav Khandelwal
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹1,422.89 Cr | ₹1,565.53 Cr | –₹142.64 Cr | ₹66.69 Cr |
| 31 March 2024 | ₹1,896.48 Cr | ₹1,908.36 Cr | –₹11.88 Cr | ₹40.33 Cr |
| 31 March 2025 | ₹2,514.66 Cr | ₹2,508.60 Cr | ₹6.06 Cr | ₹132.23 Cr |
| 30 September 2025 | ₹1,819.80 Cr | ₹1,798.77 Cr | ₹21.04 Cr | ₹147.44 Cr |
Key Performance Indicator
| KPI | Values (Sep 30, 2025) |
|---|---|
| RoNW | 3.03 |
| Debt/Equity | 0.21 |
| EBITDA Margin | 2.86 |
| Price to Book Value |
| Pre IPO | Post IPO | |
| EPS (₹) | 0.12 | 0.73 |
| P/E (x) | 1017.96 | 170.39 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding of capital expenditure requirements of the Company in relation to the network infrastructure. | ₹423.43 |
| Funding of lease payments for new first-mile centers, last-mile centers, and sort centers. | ₹138.64 |
| Funding of branding, marketing, and communication costs. | ₹88.57 |
| Unidentified inorganic acquisitions and general corporate purposes. |
Shadowfax Technologies IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Blue Dart Express Limited | 50.70 |
| 2 | 1 | Delhivery Limited | 195.07 |
✅Strengths
- Pan-India logistics network covering 14,758 pin codes.
- Diversified services: e-commerce, D2C, quick commerce & hyperlocal delivery.
- Strong client base across e-commerce, food & quick commerce platforms.
- Asset-light model enabling scalable and cost-efficient operations.
- Large delivery partner network supporting peak demand.
- Technology-driven operations improving efficiency and reliability.
⚠️Risks
- Revenue dependence on key clients.
- Intense competition leading to pricing and margin pressure.
- High reliance on gig delivery partners.
- Operational execution risks in large-scale logistics.
- Regulatory risks related to labor and logistics norms.
- Lease dependency for logistics facilities and linehaul operations.
Shadowfax Technologies IPO Promoter Holding
| Pre Issue Share Holding | 19.41% |
| Post Issue Share Holding | 16.71% |
Shadowfax Technologies IPO Prospectus
Company Contact Information
| Shadowfax Technologies Ltd. 3rd Floor, Shilpitha Tech Park Sy No. 55/3 & 55/4, Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli Bengaluru, Karnataka, 560103 Phone: 080 6452 5653 Email: investors@shadowfax.in Website: https://www.shadowfax.in/ |
Shadowfax Technologies IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: shadowfax.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Shadowfax Technologies IPO Lead Manager(s)
| 1. JM Financial Limited 2. ICICI Securities Limited 3. Morgan Stanley India Company Private Limited |
Shadowfax Technologies IPO FAQs
| What is Shadowfax Technologies IPO? Shadowfax Technologies IPO is a main-board IPO. The issue is priced at ₹118 to ₹124 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Shadowfax Technologies IPO open? The IPO is to open on 20 January 2026 for QIB, NII, and Retail Investors. |
| What is Shadowfax Technologies IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is Shadowfax Technologies IPO Size? Shadowfax Technologies IPO size is ₹1,907.27 Crore. |
| What is the Shadowfax Technologies IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 120 Shares with ₹14,880, while the maximum bid is 1560 Shares with ₹1,93,440. |
| What is the Shadowfax Technologies IPO Allotment Date? Shadowfax Technologies IPO allotment date is 23 January 2026. |
| What is the Shadowfax Technologies IPO Listing Date? Shadowfax Technologies IPO listing date is 28 January 2026. The IPO is to be listed on BSE and NSE. |
