Logistics startup Shadowfax has filed a confidential draft red herring prospectus (DRHP) with the market regulator SEBI, according to public notices published on July 1. This move comes nearly three months after the company transitioned into a public entity.
Shadowfax is planning to raise between Rs 2,000 crore and Rs 2,500 crore through a combination of fresh issue and offer for sale by existing shareholders, which include Flipkart, Eight Roads Ventures, and NGP Capital.
The IPO is being managed by ICICI Securities, JM Financial, and Morgan Stanley.
The Bengaluru-based company is reportedly aiming for a post-issue valuation in the range of Rs 5,500 crore to Rs 6,000 crore. According to a startup data platform, Shadowfax was valued at around Rs 5,981 crore or $712 million during its Series F funding round earlier this year in February.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax operates in the last-mile logistics space. The company focuses on e-commerce and hyperlocal delivery services, including categories such as grocery, food, and medicine. It claims to have more than 1.25 lakh monthly active delivery partners.
So far, the company has raised around $246 million in funding. Eight Roads Ventures is the largest external stakeholder, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.
Shadowfax recorded a revenue of Rs 1,885 crore in FY24, showing a 33.2 percent year-on-year growth. It also significantly reduced its losses to Rs 11.8 crore in FY24 from Rs 142 crore in FY23, marking a 91 percent drop.
Several other Indian startups like Physics Wallah, boAt, Urban Company, Shiprocket, Groww, Pine Labs, Capillary Tech, Wakefit, and Curefoods are also preparing for their IPOs. Many, including boAt, Shiprocket, Groww, Aequs, and Physics Wallah, have opted for the confidential filing route, similar to Shadowfax.
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