New Delhi, July 1 -- Shadowfax Technologies, a logistics company backed by marquee investors such as private equity firm TPG, Flipkart, International Finance Corporation (IFC), Nokia Growth Partners, and Mirae Asset, has confidentially filed preliminary papers for an initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).
With this, the Bengaluru-based company has joined a growing list of Indian startups that have submitted their draft red herring prospectus (DRHP) to SEBI. According to a person familiar with the matter, Shadowfax is looking to raise Rs 2,000-2,500 crore ($233-292 million) from the issue.
The IPO will be a mix of fresh issue and an offer for sale (OFS) by existing shareholders. In preparation for the offering, the company had converted into a public entity in March this year.
Shadowfax, which turned operationally profitable in FY24, is likely to be valued at about Rs 8,500 crore ($992 million). It last raised a Series F round in February this year at a valuation of about Rs 6,000 crore ($700 million).
The company will use the proceeds from the IPO to improve capacity, drive growth, and invest further in its network business.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Gaurav Jaithliya, and Praharsh Chandra, Shadowfax provides logistics services to digital-first consumer companies and e-commerce platforms such as Decathlon and Myntra. Additionally, it offers 30-minute delivery services for quick commerce, pharmacy, and food delivery platforms such as Swiggy, Zomato, Apollo Pharmacy, Blinkit, and BigBasket.
In FY24, it reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 11.4 crore, compared with a loss of Rs 113.5 crore in the year before. Operating revenue grew by 33% to Rs 1,885 crore in FY24. CEO Abhishek Bansal previously told VCCircle that the company has benefited from the growth of omnichannel retail and quick commerce.
Shadowfax's last major funding round took place in February 2024, when TPG NewQuest-the secondaries-focused arm of TPG-led a $100-million (about Rs 830 crore) round. Eight Roads made a partial exit from the company as part of the round.
Published by HT Digital Content Services with permission from VC Circle.