Flipkart-funded logistics company Shadowfax has turned into a public company as part of its IPO preparations. Regulatory filings with the Ministry of Corporate Affairs establish this fact, which is a key step toward its proposed stock market listing. Sources say that the company is likely to file its draft red herring prospectus (DRHP) in the next three to four months. The IPO will consist of a new issue of equity shares and an offer for sale by current shareholders. Shadowfax shareholders gave the proposal the green light at an extraordinary general meeting last month.

The Bengaluru startup, which has investors like Flipkart, TPG NewQuest, and Mirae Asset, raised Rs 400 crore in a funding round last year, led by Edelweiss Discovery Fund, family offices, and high-net-worth individuals. This investment doubled the valuation of the company to about Rs 6,000 crore, giving it a boost before the public listing. In February 2024, Shadowfax consolidated its corporate backbone by bringing in three independent directors: consumer goods veteran Bijou Kurien, venture capitalist Ruchira Shukla, and former Mahindra Logistics CEO Pirojshaw Sarkari.

The financials saw Shadowfax record a sharp turnaround in FY 2023-24, becoming Ebitda profitable with an operating profit of Rs 23 crore. Its operating revenue increased by 33% to Rs 1,884 crore, and net losses were lowered by 92% to Rs 12 crore. The company has been increasing its presence in the quick commerce business and making itself a third-party logistics partner for large brands such as Nykaa since the recent funding. The fast take-off of same-day and ultra-fast delivery services on all e-commerce platforms has also driven the growth of Shadowfax.

Established in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax started out as an on-demand logistics service provider to food delivery platforms and later shifted its focus to serve e-commerce clients such as Meesho. The IPO plans of the company are part of a larger trend of new-age companies getting ready to list, following the footsteps of Meesho, Lenskart, Zetwerk, Boat, Urban Company, Bluestone, PhysicsWallah, and Shiprocket. With its financial turnaround, leadership growth, and strategic pivot towards high-growth logistics verticals, Shadowfax is poised as a leading player in India's changing logistics and fast commerce space.