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Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each

EntrackrEntrackr · 9d ago
Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each
Medial

Exclusive: Shadowfax to raise Rs 2,000 Cr via IPO; fresh issue and OFS at Rs 1,000 Cr each Logistics startup Shadowfax is set to raise Rs 2,000 crore (around $235 million) through its upcoming IPO, as per its RoC filing. The public offering will include a fresh issue of shares worth Rs 1,000 crore and an offer for sale (OFS) of Rs 1,000 crore. Logistics startup Shadowfax is set to raise Rs 2,000 crore ($235 million) through its upcoming initial public offering (IPO), according to its filing with the Registrar of Companies (RoC). The IPO will comprise a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale (OFS) of shares worth Rs 1,000 crore. ICICI Securities, JM Financial, and Morgan Stanley are acting as advisors to the public issue. This development comes after the company recently filed its draft red herring prospectus (DRHP) with SEBI via the confidential route. The Flipkart-backed company has also strengthened its board with the appointment of co-founders Gaurav Jaithlia as whole-time directors. Additionally, in line with regulatory requirements, the company has also appointed Bijou Kurien, Ruchira Shukla, Pirojshaw Sarkari, and Dinkar Gupta as independent directors. Shadowfax is reportedly aiming for a post-issue valuation of Rs 8,500 crore. The company is currently valued at around Rs 5,981 crore (approximately $712 million) following a $16.8 million investment from Mirae Asset and Nokia Growth Partners in the first tranche of its Series F round in February this year. Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Bengaluru-based Shadowfax offers last-mile delivery services with a focus on e-commerce and hyperlocal logistics. The company claims to have a network of over 1.25 lakh monthly active delivery partners catering to segments such as grocery, food, and medicine delivery. According to data from TheKredible, Shadowfax has raised approximately $246 million to date. Eight Roads Ventures is the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners. While its FY25 numbers are yet to be filed, the company posted a revenue of Rs 1,885 crore in FY24, marking a 33.2% year-on-year growth. It also managed to narrow its losses by 91% to Rs 11.8 crore in FY24 from Rs 142 crore in FY23. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

Flipkart-backed Shadowfax files confidential DRHP with SEBI

EntrackrEntrackr · 1m ago
Flipkart-backed Shadowfax files confidential DRHP with SEBI
Medial

**Flipkart-backed Shadowfax files confidential DRHP with SEBI** Logistics startup Shadowfax has filed its draft red herring prospectus (DRHP) with SEBI via the confidential route, as per public notices published in newspapers on July 1. The IPO filing comes nearly three months after the company transitioned into a public entity. The company is reportedly looking to raise Rs 2,000–2,500 crore through a mix of fresh issue and an offer for sale (OFS) by existing shareholders, including Flipkart, Eight Roads Ventures, and NGP Capital. ICICI Securities, JM Financial, and Morgan Stanley are advising on the public issue. Shadowfax is targeting a post-issue valuation of Rs 5,500–6,000 crore, as it looks to test public market appetite while keeping its business details under wraps for now. According to startup data intelligence platform TheKredible, the company was valued at around Rs 5,981 crore or $712 million during the first tranche of Series F round in February this year. Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, the Bengaluru-based company provides last-mile delivery services focused on e-commerce and hyperlocal logistics. It claims to operate with over 1.25 lakh monthly active delivery partners across categories including grocery, food, and medicine delivery. As per data from TheKredible, Shadowfax has raised around $246 million to date, with Eight Roads Ventures emerging as the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners. While its FY25 numbers are yet to be filed, the company posted a revenue of Rs 1,885 crore in FY24, marking a 33.2% year-on-year growth. It also managed to narrow its losses by 91% to Rs 11.8 crore in FY24 from Rs 142 crore in FY23.

Shadowfax appoints three independent directors to its board

EntrackrEntrackr · 5m ago
Shadowfax appoints three independent directors to its board
Medial

Shadowfax, a provider of e-commerce express parcel and value-added solutions, has announced the induction of three distinguished professionals—Bijou Kurien, Ruchira Shukla, and Pirojshaw Sarkari—as independent directors on its board. According to Shadowfax, this strategic move reinforces its commitment to enhancing governance, leveraging domain expertise, and driving operational excellence. Bijou Kurien brings over 35 years of experience in FMCG, consumer durables, and retail. As a founding member of Titan Industries and Reliance Retail, he played a key role in building and scaling multibillion-dollar businesses. He currently advises private equity funds and startups and serves on several listed and unlisted corporate boards. Ruchira Shukla, co-founder and managing partner at Synapses, a VC fund specializing in STEM-led investments in climatetech and healthtech, has over 25 years of experience in venture capital, private equity, strategy consulting, and investment banking across India, the US, and Europe. Previously, she led disruptive technology investments across South Asia at the International Finance Corporation (IFC). Pirojshaw Sarkari (Phil), a chartered accountant by profession, is a seasoned leader in logistics and supply chain management. He was instrumental in establishing UPS in India and later served as the CEO of Mahindra Logistics, driving its growth into one of India’s largest 3PL companies and leading its successful IPO. He also held the position of CEO at Gati Allcargo. Shadowfax states that the onboarding of these independent directors enhances its governance framework and reinforces its focus on operational excellence and innovation, ensuring that it remains at the forefront of India’s evolving e-commerce and D2C landscape. The Bengaluru-based company recently secured Rs 34.2 crore (around $4 million) as a part of a larger Series F funding round. The company has reported a 33.2% year-on-year growth to Rs 1,415 crore in revenue during the fiscal year ending March 2024. Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax provides services to a vast network of customers with industry-leading Turnaround Time (TAT) at competitive prices. It boasts a unique crowdsourcing network comprising 125,000 monthly active delivery partners and 3.5 million registered users.

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