• Shadowfax secures SEBI approval to launch IPO worth Rs 2,500 crore
• IPO includes fresh equity and offer for sale by existing investors like Flipkart
• Company aims for post-IPO valuation around Rs 8,500 crore

Bengaluru based logistics startup Shadowfax has received the green light from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO) targeting Rs 2,500 crore. The offering will include fresh equity shares and an offer for sale (OFS) by current investors, including Flipkart, Eight Roads Ventures, and NGP Capital.

Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax specializes in last-mile delivery services for e-commerce and hyperlocal sectors such as groceries, food, and medicine. The company boasts over 125,000 active delivery partners monthly.

Shadowfax plans a post-IPO valuation of approximately Rs 8,500 crore. This comes after its last valuation at around Rs 5,981 crore following a Series F funding round earlier this year, where it raised $16.8 million from Mirae Asset and Nokia Growth Partners.

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The company has raised about $246 million to date, with Eight Roads Ventures as its largest external investor, followed by Flipkart and others. Shadowfax posted Rs 1,885 crore in revenue for FY24, marking a 33% growth year-on-year, and significantly reduced losses to Rs 11.8 crore from Rs 142 crore the previous year.

With SEBI’s nod, Shadowfax joins a growing list of Indian startups preparing to go public, including boAt, Wakefit, and Lenskart

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