Shadowfax Technologies Limited is entering the capital markets with its Initial Public Offering (IPO) to raise ₹1,907.27 crore, comprising a fresh issue of ₹1,000 crore and an Offer for Sale (OFS) of ₹907.27 crore. The IPO opens for subscription from January 20 to January 22, 2026, with shares proposed to be listed on BSE and NSE.
Incorporated in June 2016, Shadowfax operates as an asset-light logistics solutions provider, offering end-to-end e-commerce, hyperlocal, quick commerce, and on-demand delivery services across India.
(Source: RHP, Chittorgarh)
Company Overview
Shadowfax Technologies Limited provides logistics and last-mile delivery solutions through a nationwide, technology-driven platform.
Key Highlights
- Founded in 2016
- Pan-India logistics coverage across 14,758 pin codes
- 4,299+ touchpoints across first-mile, last-mile and sort centres
- 3.5+ million sq. ft. of operational space
- 53 sort centres covering ~1.8 million sq. ft.
- Asset-light model with owned automation and leased infrastructure
As of September 30, 2025, the company had 4,472 permanent employees and 17,182 contract workers, supported by a large gig-based delivery partner ecosystem.
Business Model & Operations
Shadowfax operates a multi-segment logistics platform catering to:
- E-commerce & D2C deliveries
- Hyperlocal & quick commerce (same-day / within hours)
- Food delivery & local commerce
- Personal courier services via the Shadowfax Flash app
The company runs a dedicated daily fleet of 3,000+ trucks under an asset-light linehaul model, while owning critical automation and sorting infrastructure.
Client Base
Shadowfax services several large digital-first and enterprise clients, including: Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, Magicpin, Licious, Purplle, and others. This diversified client mix positions Shadowfax across e-commerce, quick commerce, food delivery, and hyperlocal logistics.
Competitive Strengths
- Large-scale, gig-based last-mile delivery network
- Asset-light logistics model with scalable infrastructure
- Proprietary technology and routing capabilities
- Strong presence across e-commerce and quick commerce
- Proven path toward profitability with improving margins
- Experienced founders and management team
Industry Context
India’s logistics and last-mile delivery market is driven by:
- Rapid growth in e-commerce and quick commerce
- Increasing consumer expectations for faster delivery
- Expansion of D2C brands
- High dependence on technology-enabled fulfilment
While the opportunity is large, the sector remains highly competitive and margin-sensitive, requiring continuous efficiency improvements.
Financial Performance
Financial Summary (₹ in crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,453.16 | 1,259.26 | 786.14 | 442.73 |
| Total Income | 1,819.80 | 2,514.66 | 1,896.48 | 1,422.89 |
| Profit After Tax | 21.04 | 6.06 | -11.88 | -142.64 |
| EBITDA | 64.34 | 56.19 | 11.37 | -113.47 |
| Net Worth | 693.53 | 660.43 | 421.78 | 176.32 |
(Source: RHP, Chittorgarh)
Key Ratios & Metrics
(As of March 31, 2025)
- EBITDA Margin: 1.96%
- RoNW: 0.97%
- Debt/Equity: 0.20
- Price to Book Value: 8.97
The company has transitioned from losses to profitability, but margins remain thin, typical of the logistics industry.
(Source: RHP, Chittorgarh)
IPO Details
| Detail | Information |
|---|---|
| IPO Opening Date | Tue, Jan 20, 2026 |
| IPO Closing Date | Thu, Jan 22, 2026 |
| Price Band | ₹118 – ₹124 per share |
| Issue Size | ₹1,907.27 Cr (Fresh + OFS) |
| Lot Size | 120 shares |
| Minimum Investment | ₹14,880 |
| Listing Exchanges | BSE & NSE |
| Tentative Listing Date | Wed, Jan 28, 2026 |
(Source: RHP, Chittorgarh)
Objects of the Issue
- Expansion of network infrastructure
- Lease payments for new first-mile, last-mile and sort centers
- Branding, marketing and communication initiatives
- Inorganic acquisitions and general corporate purposes
Risks & Concerns
- Thin operating margins in a competitive sector
- High valuation relative to current earnings
- Execution risk in rapid network expansion
- Dependence on large e-commerce clients
- Gig-workforce management and regulatory risks
Conclusion
The Shadowfax Technologies IPO offers exposure to India’s fast-growing logistics and last-mile delivery ecosystem, supported by a strong client base, nationwide reach, and improving financial performance.
However, the business operates in a capital-intensive and competitive environment with modest margins and elevated valuations. This IPO may suit long-term, risk-tolerant investors who believe in India’s e-commerce and quick-commerce growth story, while conservative investors may prefer to monitor post-listing performance.
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