Shadowfax Joins IPO Bandwagon with Rs 2,500 Crore Confidential Filing Amid Startup Surge
- Flipkart-backed Shadowfax has filed a DRHP confidentially to raise Rs 2,000-2,500 crore, aiming to protect sensitive data from competitors.
- Joins other startups like Pine Labs, Wakefit, and Curefoods, who collectively plan to raise Rs 4,000 crore through IPOs.
- Meesho and Lenskart are also expected to file for $1 billion IPOs soon, continuing the IPO momentum among new-age firms.
Flipkart-backed logistics startup Shadowfax has confidentially filed its Draft Red Herring Prospectus (DRHP) to raise between Rs 2,000 to Rs 2,500 crore through an initial public offering (IPO), joining a growing list of Indian startups heading to the public markets.
The move comes amid a surge in IPO activity among new-age companies, with Pine Labs, Wakefit, and Curefoods all having filed their DRHPs in the past two weeks. Together, these three firms are aiming to raise close to Rs 4,000 crore in primary capital. Shadowfax is expected to add another Rs 1,000-1,500 crore to that total, although the exact split between primary issuance and offer-for-sale (OFS) components is yet to be disclosed.
Shadowfax opted for the confidential filing route, a strategy increasingly adopted by startups to protect sensitive business data from competitors like Delhivery and Ekart. The company joins the likes of Groww, PhysicsWallah, and Shiprocket in using this method to evaluate market conditions before going public.
Meanwhile, major digital-first firms Meesho and Lenskart are also gearing up for IPOs later this year, each planning to raise approximately â¹8,500 crore ($1 billion) and expected to file confidentially soon.
This uptick in IPO filings reflects growing investor interest in India’s startup ecosystem, as companies look to scale and fund expansion through public listings. Shadowfax’s entry signals continued momentum in the logistics tech space and the broader new-age IPO wave on Dalal Street.
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