Shadowfax Technologies IPO 

Shadowfax Technologies Limited is a 3PL logistics platform providing end-to-end last-mile and mid-mile delivery solutions across India. The company serves leading e-commerce, quick commerce and consumer internet players such as Flipkart, Meesho, Myntra, Ajio, Nykaa, Blinkit, Zepto, Swiggy Instamart and Zomato through a large network of delivery partners supported by its proprietary digital platform, enabling efficient and reliable fulfilment across urban and semi-urban markets.

RHP Filled - 13 January 2026

BLRM - ICICI Securities , Morgan Stanley , JM Financial Ltd 

Auditor : B S R & Co. LLP

Disclaimer - Delta Partners (public market division under Dexter Capital) is not a SEBI registered Investment Advisor and this report does not constitute a recommendation but is only prepared for educational purposes. We (our team members including our directors) may or may not apply to IPO. 

This note is not reviewed by our CIO - Devendra Agrawal, CFA. It is prepared by our team of Investment Analysts, and is reviewed by our senior team members. Any questions related to the IPO can be directed to shubham@deltainvest.in and we will come back. 

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Delta’s View : Skip 

Recently Ecom Express a Third party logistics company was acquired by Delhivery at 80% discount to its IPO Valuation as Meesho one of its major client started its own 3PL company Valmo , in this industry all the major players have their own Logistics arm Amazon has ATS, Flipkart has EKart, Firstcry has XpressBees. ShadowFax’s majority of its revenues are concentrated with a single client accounting for ~50% of revenues which is very high concentration risk, its second largest client is Meesho which already has its own 3PL arm, the company is not profitable on operating basis with majority of the profit coming from other income in FY 25, additionally the IPO Ask Valuation of 7.5 P/S multiple is on the higher side compared to its peers ( Delhivery 3.2 and Bluedart 2.1 P/S )  

Grey Market Premium (GMP) data for Shadow Fax Technologies is 8% as of 19th January 2026.

• The company's market share in the 3PL express logistics (e-commerce shipment) grew from 8% in the Financial Year 2022 to 23% as of the first half of the Financial Year 2026. The company is the market leader in 3PL quick commerce solutions by order volume as of the Financial Year 2025. The Company handled 9.5 Cr orders in FY 25 up from 5 Cr orders in FY 23.

• The company serves the major Quick commerce and E commerce players including Flipkart, Meesho , Myntra , Nykaa , Purplle, Kartrocket , Zepto , Bigbasket , Blinkit and Swiggy. In FY 23 the revenue from one client was 60%, which in FY 25 has reduced to 48%, in FY 25 the largest clients for the company were Meesho and Flipkart. 

• The Partners and Transportation costs are major expenses for the company accounting for ~ 70% of the total revenue. 

• The company has 2 major Revenue segments Express Delivery and Hyperlocal, they have nearly doubled their orders in the Hyperlocal segment doubling their revenues from FY 23 to FY 25 from this segment, Hyperlocal caters to the Quick commerce segment and the company is the Market leader in this segment by order volumes. 

• The Company had acquired Criticalog India Pvt Ltd in Nov 2024 which is specialised logistics service provider primarily engaged in critical logistics and freight management , the company provides services which include air and road express delivery, freight forwarding, intermodal transportation, and warehousing, Shadow fax acquired the company for a Price to sales multiple of 0.5 with the transaction value of 48 Cr. 

• The company is loss making on Operating basis, the other income in FY25 has increased by 150% and is mainly from Fair Value Adjustment of the Mutual fund assets that the company owns using FVTPL method.  

Issue Details 

Fresh Issue – 1,000 Cr

• Capex (network infra / assets & automation) ~ 423 Cr
• Lease payments (new first-mile / last-mile & sort centres) ~ 139 Cr
• Branding / Marketing / Communication ~ 89 Cr
• Inorganic acquisitions + General Corporate Purposes – Rest (~349 Cr)
• 
  

Offer for Sale – 907 Cr

Selling Shareholders

•  Flipkart Internet Private Limited ~ 400 Cr
•  Eight Roads Investments Mauritius II Limited ~ 197 Cr
•  International Finance Corporation ~ 66 Cr
•  Qualcomm Asia Pacific Pte. Ltd. ~ 65 Cr
•  Nokia Growth Partners IV, L.P. ~ 59 Cr
•  NewQuest Asia Fund IV (Singapore) Pte. Ltd. ~ 45 Cr
•  Mirae Asset – Naver New Growth Fund I ~ 38 Cr
•  Mirae Asset – GS Retail New Growth Fund I ~ 38 Cr

Business Overview

The Company is the largest third-party logistics (3PL) provider in India for same-day delivery and reverse pick-up shipments in terms of order volume for Fiscal 2025 and the six months ended September 30, 2025. It is also the fastest-growing 3PL company of scale in India as of March 31, 2025, and a market leader in 3PL quick commerce solutions. It commenced operations in 2015 as a private limited company incorporated in Delhi, India, and has since expanded its registered office to Bengaluru, Karnataka. Over the last decade, it has diversified into a comprehensive logistics platform with a key service portfolio that includes forward express parcel delivery, reverse pickup logistics and hand-in-hand exchange, prime delivery (same-day/next-day), and hyperlocal solutions for quick commerce and on-demand marketplaces.

The Company’s services are critical enablers for the digital commerce ecosystem, catering to end-use industries including e-commerce (horizontal and vertical), quick commerce, direct-to-consumer (D2C) brands, food marketplaces, pharmaceuticals, and quick-service restaurants. Its operations are supported by a proprietary technology stack, including "Sort Buddy" for shipment workflow management and "SF Shield" for security and track-and-trace capabilities. The Company markets its services under the brand name "Shadowfax".

Its customer base is primarily enterprise-led and includes leading domestic and digital commerce platforms such as Zepto, Big Basket, Blinkit, Flipkart Minutes, and Swiggy. The Company also services a wide range of horizontal and vertical e-commerce companies and D2C brands, providing them with "extended fleet" capabilities to manage surge demand during peak hours and high-demand seasons.

The Company operates an asset-light, nationwide network infrastructure comprising 4,299 touchpoints and 53 sort centers that reached 14,758 pin codes as of September 30, 2025. The logistics industry has high operational barriers due to the need for extensive network density and technological integration; the Company addresses this through its crowdsourced fleet of over 205,000 monthly transacting delivery partners and automated facilities in cities like Surat, Bilaspur, and Jaipur. The Company’s robust infrastructure has positioned it as a preferred partner for complex services like reverse logistics, where it maintains leadership in handling return shipments and quality checks

Promoter & Leadership 

Abhishek Bansal is the Chairman, Managing Director and Chief Executive Officer, and one of the Promoters of Shadowfax has been associated with the Company as a director since April 2015. He holds a B.Tech in Production & Industrial Engineering (IIT Delhi) and is responsible for overall organizational growth and profitability. He has 10+ years of experience in the logistics industry, and has received recognitions including Forbes 30 under 30, IIT GOLD Award, and HURUN India 35 under 35.

Vaibhav Khandelwal is a Whole-Time Director and Chief Technology Officer, and one of the Promoters of Shadowfax. He has been associated with the Company as a director since April 2015. He holds a B.Tech in Electrical Engineering (IIT Delhi) and is responsible for development of innovative and future-ready products. Prior to Shadowfax, he worked with Way2Wealth Securities Private Limited (Analyst). He has 10+ years of experience in the logistics industry.

Gaurav Jaithlia is a Whole-Time Director and Head of Business Strategy. He joined Shadowfax in Dec 2015 and is responsible for growth of key clients and inorganic expansion efforts. He holds an Integrated M.Tech (Mathematics & Computing, IIT Delhi) and has 9+ years of experience in the logistics sector.

Praharsh Chandra is a Whole-Time Director and Chief Business Officer. He joined Shadowfax in July 2015 and is responsible for revenue growth and managing a diverse P&L portfolio. He holds a B.Tech in Mechanical Engineering (IIT Delhi); prior to joining, he was associated with AT Kearney Limited and has 12+ years of experience in consulting and business management..

Praveen Kumar K J is the Chief Financial Officer (CFO). He joined Shadowfax in Mar 2019 and is responsible for financial management and governance. He is an associate member of ICAI; prior experience includes Hewlett Packard Globalsoft Limited, AF Ferguson & Co., and Onmobile Global Limited. He has 20+ years of experience in finance and strategy.

Krishnakanth G V is the Company Secretary and Compliance Officer. He joined Shadowfax in Nov 2024 and is responsible for secretarial compliance. He holds bachelor’s degrees in Law and Commerce (Nagarjuna University) and a master’s degree in Financial Management (Pondicherry University), and is an associate member of ICSI. Prior experience includes Subex Limited, Tejas Networks Limited, and GMR Infrastructure Limited; and has 18+ years of experience in secretarial, governance and compliance matters.

Shareholding Pattern 

Financial Snapshot 

Industry & Competition