{"id":6247,"date":"2026-01-19T07:46:03","date_gmt":"2026-01-19T07:46:03","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=6247"},"modified":"2026-01-19T07:46:25","modified_gmt":"2026-01-19T07:46:25","slug":"shadowfax-technologies-ipo-review-strengths-risks-and-what-the-numbers-reveal","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/shadowfax-technologies-ipo-review-strengths-risks-and-what-the-numbers-reveal\/","title":{"rendered":"Shadowfax Technologies IPO Review: Strengths, Risks &#038; What the Numbers Reveal"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Shadowfax Technologies Limited is entering the capital markets with its Initial Public Offering (IPO) to raise \u20b91,907.27 crore, comprising a fresh issue of \u20b91,000 crore and an Offer for Sale (OFS) of \u20b9907.27 crore. The IPO opens for subscription from January 20 to January 22, 2026, with shares proposed to be listed on BSE and NSE.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">(<strong>Source:<\/strong> RHP, Chittorgarh)<\/span><\/i><\/span><\/p>\n<h2><strong>Company Overview<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Shadowfax Technologies Limited provides logistics and last-mile delivery solutions through a nationwide, technology-driven platform.<\/span><\/p>\n<h3><strong>Key Highlights<\/strong><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Founded in 2016<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pan-India logistics coverage across 14,758 pin codes<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">4,299+ touchpoints across first-mile, last-mile and sort centres<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">3.5+ million sq. ft. of operational space<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">53 sort centres covering ~1.8 million sq. ft.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Asset-light model with owned automation and leased infrastructure<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h2><strong>Business Model &amp; Operations<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Shadowfax operates a multi-segment logistics platform catering to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">E-commerce &amp; D2C deliveries<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Hyperlocal &amp; quick commerce (same-day \/ within hours)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Food delivery &amp; local commerce<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Personal courier services via the Shadowfax Flash app<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The company runs a dedicated daily fleet of 3,000+ trucks under an asset-light linehaul model, while owning critical automation and sorting infrastructure.<\/span><\/p>\n<h2><strong>Client Base<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Shadowfax services several large digital-first and enterprise clients, including: <\/span><span style=\"font-weight: 400;\">Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, Magicpin, Licious, Purplle, and others. <\/span><span style=\"font-weight: 400;\">This diversified client mix positions Shadowfax across e-commerce, quick commerce, food delivery, and hyperlocal logistics.<\/span><\/p>\n<h2><strong>Competitive Strengths<\/strong><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Large-scale, gig-based last-mile delivery network<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Asset-light logistics model with scalable infrastructure<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proprietary technology and routing capabilities<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Strong presence across e-commerce and quick commerce<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proven path toward profitability with improving margins<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Experienced founders and management team<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<h2><strong>Industry Context<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">India\u2019s logistics and last-mile delivery market is driven by:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rapid growth in e-commerce and quick commerce<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increasing consumer expectations for faster delivery<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expansion of D2C brands<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">High dependence on technology-enabled fulfilment<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While the opportunity is large, the sector remains highly competitive and margin-sensitive, requiring continuous efficiency improvements.<\/span><\/p>\n<h2><strong>Financial Performance<\/strong><\/h2>\n<h3><strong>Financial Summary (\u20b9 in crore)<\/strong><\/h3>\n<div style=\"width: 100%; overflow-x: auto; margin: 20px 0; font-family: sans-serif;\">\n<table style=\"border-collapse: collapse; width: 100%; min-width: 700px; text-align: left; border: 1px solid #000000;\">\n<thead>\n<tr style=\"border-bottom: 2px solid #000000;\">\n<th style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Period Ended<\/th>\n<th style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">30 Sep 2025<\/th>\n<th style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">31 Mar 2025<\/th>\n<th style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">31 Mar 2024<\/th>\n<th style=\"padding: 12px 15px; font-weight: bold;\">31 Mar 2023<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Assets<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">1,453.16<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">1,259.26<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">786.14<\/td>\n<td style=\"padding: 12px 15px;\">442.73<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Total Income<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">1,819.80<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">2,514.66<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">1,896.48<\/td>\n<td style=\"padding: 12px 15px;\">1,422.89<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Profit After Tax<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">21.04<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">6.06<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">-11.88<\/td>\n<td style=\"padding: 12px 15px;\">-142.64<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">EBITDA<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">64.34<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">56.19<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">11.37<\/td>\n<td style=\"padding: 12px 15px;\">-113.47<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Net Worth<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">693.53<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">660.43<\/td>\n<td style=\"padding: 12px 15px; border-right: 1px solid #cccccc;\">421.78<\/td>\n<td style=\"padding: 12px 15px;\">176.32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">(<strong>Source:<\/strong> RHP, Chittorgarh)<\/span><\/i><\/span><\/p>\n<h2><strong>Key Ratios &amp; Metrics<\/strong><\/h2>\n<p><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">(As of March 31, 2025)<\/span><\/i><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EBITDA Margin: 1.96%<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">RoNW: 0.97%<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Debt\/Equity: 0.20<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Price to Book Value: 8.97<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The company has transitioned from losses to profitability, but margins remain thin, typical of the logistics industry.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">(<strong>Source:<\/strong> RHP, Chittorgarh)<\/span><\/i><\/span><\/p>\n<h2><strong>IPO Details<\/strong><\/h2>\n<div style=\"width: 100%; overflow-x: auto; margin: 20px 0; font-family: sans-serif;\">\n<table style=\"border-collapse: collapse; width: 100%; min-width: 450px; text-align: left; border: 1px solid #000000;\">\n<thead>\n<tr style=\"border-bottom: 2px solid #000000;\">\n<th style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Detail<\/th>\n<th style=\"padding: 12px 15px; font-weight: bold;\">Information<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">IPO Opening Date<\/td>\n<td style=\"padding: 12px 15px;\">Tue, Jan 20, 2026<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">IPO Closing Date<\/td>\n<td style=\"padding: 12px 15px;\">Thu, Jan 22, 2026<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Price Band<\/td>\n<td style=\"padding: 12px 15px;\">\u20b9118 \u2013 \u20b9124 per share<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Issue Size<\/td>\n<td style=\"padding: 12px 15px;\">\u20b91,907.27 Cr (Fresh + OFS)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Lot Size<\/td>\n<td style=\"padding: 12px 15px;\">120 shares<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Minimum Investment<\/td>\n<td style=\"padding: 12px 15px;\">\u20b914,880<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #cccccc;\">\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Listing Exchanges<\/td>\n<td style=\"padding: 12px 15px;\">BSE &amp; NSE<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 12px 15px; font-weight: bold; border-right: 1px solid #000000;\">Tentative Listing Date<\/td>\n<td style=\"padding: 12px 15px;\">Wed, Jan 28, 2026<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">(<strong>Source:<\/strong> <a href=\"https:\/\/www.sebi.gov.in\/filings\/public-issues\/oct-2025\/shadowfax-technologies-limited-udrhp-i_97586.html\">RHP,<\/a> Chittorgarh)<\/span><\/i><\/span><\/p>\n<h2><strong>Objects of the Issue<\/strong><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expansion of network infrastructure<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lease payments for new first-mile, last-mile and sort centers<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Branding, marketing and communication initiatives<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inorganic acquisitions and general corporate purposes<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<h2><strong>Risks &amp; Concerns<\/strong><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Thin operating margins in a competitive sector<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">High valuation relative to current earnings<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Execution risk in rapid network expansion<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Dependence on large e-commerce clients<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gig-workforce management and regulatory risks<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<h2><strong>Conclusion<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The Shadowfax Technologies IPO offers exposure to India\u2019s fast-growing logistics and last-mile delivery ecosystem, supported by a strong client base, nationwide reach, and improving financial performance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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\u2019s e-commerce and quick-commerce growth story, while conservative investors may prefer to monitor post-listing performance.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 10pt;\"><b><i>Disclaimer:<\/i><\/b><i><span style=\"font-weight: 400;\"> Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for information purpose only and in no way to be considered as an advice or recommendation. The securities are quoted as an example and not as a recommendation.<\/span><\/i><\/span><\/p>\n<p><span style=\"font-size: 10pt;\"><i><span style=\"font-weight: 400;\">Investors are requested to do their own due diligence before investing. Paytm Money Ltd SEBI Reg No. Broking \u2013 INZ000240532, Depository Participant \u2013 IN \u2013 DP \u2013 416 \u2013 2019, Depository Participant Number: CDSL \u2013 12088800, NSE (90165), BSE (6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi \u2013 110019. For complete Terms &amp; Conditions and Disclaimers visit: <\/span><\/i><a href=\"https:\/\/www.paytmmoney.com\/stocks\/policies\/terms\"><i><span style=\"font-weight: 400;\">https:\/\/www.paytmmoney.com\/stocks\/policies\/terms<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> .<\/span><\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shadowfax Technologies Limited is entering the capital markets with its Initial Public Offering (IPO) to raise \u20b91,907.27 crore, comprising a fresh issue of \u20b91,000 crore and an Offer for Sale (OFS) of \u20b9907.27 crore. The IPO opens for subscription from January 20 to January 22, 2026, with shares proposed to be listed on BSE and<a href=\"https:\/\/www.paytmmoney.com\/blog\/shadowfax-technologies-ipo-review-strengths-risks-and-what-the-numbers-reveal\/\">Continue reading <span class=\"sr-only\">&#8220;Shadowfax Technologies IPO Review: Strengths, Risks &#038; What the Numbers Reveal&#8221;<\/span><\/a><\/p>\n","protected":false},"author":27,"featured_media":6248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[585,578,584,583,581,580,579,582],"class_list":["post-6247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-shadowfax-financial-performance","tag-shadowfax-ipo","tag-shadowfax-ipo-analysis","tag-shadowfax-ipo-date","tag-shadowfax-ipo-price-band","tag-shadowfax-ipo-review","tag-shadowfax-technologies-ipo","tag-upcoming-ipo-2026"],"_links":{"self":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/6247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=6247"}],"version-history":[{"count":0,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/6247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media\/6248"}],"wp:attachment":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=6247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=6247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=6247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}