Fresh-age logistics firm Shadowfax is space to launch its initial public offering (IPO) on January 20, a major list for a sector present process consolidation and maturation. The firm has mounted its sign band at Rs 118 to Rs 124 per portion, aiming to clutch a crammed with Rs 1,907 crore.
At the upper cease of this sign band, Shadowfax will be valued at about Rs 7,169 crore on a post-money basis. Here is a carve from the firm’s initial inner targets of Rs 8,500-9,000 crore.
The IPO comes at a time of substitute in the Indian third-celebration logistics (3PL) location, significantly after Delhivery’s acquisition of Ecom Specific in 2025. Since Shadowfax entered the industry in 2015, the industry has gone from a fragmented startup ecosystem correct into a aggressive location dominated by just a few huge-scale gamers equivalent to Delhivery and Xpressbees.
Within this landscape, Shadowfax sells itself on its flexibility, the usage of a know-how-led, asset-gentle mannequin to capture almost 23% of the declare service market.
The fundraise features a new snarl of Rs 1,000 crore, which the firm intends to deploy for growing its network infrastructure and improving its technological capabilities. The closing Rs 907 crore is an supply in the marketplace (OFS), allowing early backers to offload their stakes. Promoting shareholders contain Flipkart, Eight Roads, TPG NewQuest, Nokia Thunder Partners, Qualcomm Ventures, and Mirae Asset.
Because the first main logistics participant to faucet the public markets following the fresh industry consolidation, Shadowfax’s debut will be watched closely.
Also Read: Shadowfax concentrated on D2C manufacturers to diversify beyond huge marketplaces: CEO Abhishek Bansal
About Shadowfax
The firm used to be incorporated as Shadowfax Applied sciences Non-public Minute in April 2015 in Delhi. It used to be based mostly by IIT Delhi alumni Abhishek Bansal (CEO) and Vaibhav Khandelwal (CTO).
It transitioned to a public restricted firm in March 2025, formally changing its name to Shadowfax Applied sciences Minute to prepare for a list.
According to its RHP, Shadowfax has built a footprint conserving 14,758 pin codes all over India with over 4,299 touchpoints, as of September 30, 2025.
It describes its mannequin as know-how-pushed and asset-gentle, relying on a crowdsourced network of starting up partners moderately than proudly owning its contain rapid of closing-mile autos, opposite to Delhivery’s mannequin.
In the declare service, the firm’s market portion grew from ~8% in FY22 to ~23% in H1 FY26. It also claims to be the market chief in reverse pickup (returns) and 3PL hasty commerce solutions by portray quantity as of September 2025.
The firm products and providers closing-mile ecommerce, cease-to-cease ecommerce, hasty commerce, meals starting up, and two-wheeler fleets for on-line mobility platforms (adore Uber).
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Undergoing substitute
Delhivery used to be among the many first 3PL companies that aimed to leverage the nation’s ecommerce insist in 2011-2012 because the likes of Flipkart, Snapdeal, and Amazon started gaining consumer traction.
A few years later, a 2nd wave of tech-led gamers, collectively with Shadowfax, entered the market. These companies differentiated themselves thru an asset-gentle, crowdsourced mannequin designed to present better flexibility for identical-day and hyperlocal deliveries when when compared with the more infrastructure-heavy first movers.
After just a few years, even though, huge horizontal ecommerce companies started constructing their inner logistics systems by atmosphere up separate entities equivalent to Ekart Logistics (by Flipkart) and Amazon Transportation Products and providers. Here is when agencies of those 3PL companies started getting impacted. On the replacement hand, huge conducting customers continue to prioritise a varied logistics strategy. To support an eye fixed on concentration threat and be particular service continuity, they interact more than one 3PL partners, as per the RHP filed by Shadowfax.
The incumbent: Delhivery
In the carve-throat logistics sector, Delhivery is Shadowfax’s main rival. According to the RHP, Delhivery’s market location used to be reinforced after it bought Ecom Specific. The Sahil Barua-led firm covers over 18,800 pin codes and reported facing approximately 453 million declare shipments in the first half of FY26.
Delhivery slipped to a consolidated get lack of Rs 50.38 crore in the 2nd quarter ended September 2025, when when compared with a income of Rs 10.20 crore in the 300 and sixty five days-ago period.
The firm’s total income from products and providers came in at Rs 2,546 crore in the 2nd quarter of FY26, up 16.3% on-300 and sixty five days, with earnings old to passion, taxes, depreciation, and amortisation (Ebitda) at Rs 150 crore and income after tax (PAT) at Rs 59 crore, excluding the impact of the Ecom Specific acquisition. Integration-related costs in the midst of the quarter were Rs 90 crore, and the firm expects entire integration costs to remain inner its Rs 300 crore estimate.
Delhivery listed on the exchanges in 2022. The inventory is procuring and selling about 25% below its list sign and closed Friday at Rs 400.forty five on the BSE.
ET reported in December about several fresh-age companies that listed with aggressive insist plans, however unhurried development on profitability made them battle to sustain investor self assurance.
