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HomeIPOShadowfax Technologies

About Shadowfax Technologies

Founded in 2015 , Shadowfax is a leading logistics and delivery service provider based in Bangalore, India. The company offers a comprehensive range of services, including rapid parcel delivery, same-day and next-day delivery, doorstep-to-doorstep exchange, and Quick Commerce with 10-minute delivery times. Shadowfax has established a strong presence in the logistics sector, covering over 18,000 pin codes across more than 2,500 cities. With an impressive capacity of delivering over two million packages daily, the company is renowned for its swift service, often delivering packages within 30 to 60 minutes of order placement. This rapid delivery capability is becoming increasingly common in India.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Shadowfax Technologies

Shadowfax Technologies

Open Date

20 Jan 2026

Close Date

22 Jan 2026

listed

Min Investment

₹14880

Lot Size

120 Shares

Issue Size

₹1907.27 Cr

Price Range

₹118 - ₹124

Listing Date

Jan 28, 2026

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

Shadowfax Technologies IPO - Issue Objectives

The company will use ₹423.43 crore towards network infrastructure. ₹138.64 cr will fund lease payments for new logistics centres. The company will use ₹88.57 crore for branding, marketing and communication costs. IPO funds for acquisitions, general use & expenses.

Funding for capex

42.34%

Funding for Opex

13.86%

Marketing and advertising expenses

8.86%

General corporate purposes

34.94%

1

Funding for capex

The company will use ₹423.43 crore towards network infrastructure.

42.34%
2

Funding for Opex

₹138.64 cr will fund lease payments for new logistics centres.

13.86%
3

Marketing and advertising expenses

The company will use ₹88.57 crore for branding, marketing and communication costs.

8.86%
4

General corporate purposes

IPO funds for acquisitions, general use & expenses.

34.94%

IPO Subscription Status

QIB
4.00x
NII
0.88x
Individual
2.42x
Total
2.86x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Shadowfax Technologies

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue1819.802514.661896.481422.89
EBITDA64.3456.1911.37-113.47
Expenses
Profit After Tax21.046.43-11.88-142.64
Assets1453.161259.26786.14442.73
Net Worth693.53660.43421.78176.32
Reserves281.26248.16172.47171.20
Borrowing147.44132.2340.3366.69

Shadowfax Technologies - Promoter(s)

Abhishek Bansal

Vaibhav Khandelwal

Pre Issue Share Holding

19.41%

Post Issue Share Holding

16.71%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Offers e-commerce and hyperlocal delivery

The company is the only third-party logistics (3PL) player in India that offers end-to-end e-commerce delivery at scale and also operates hyperlocal/quick commerce deliveries at scale. This enables customers to have a single logistics partner for multiple delivery requirements, thus increasing the client-partner relationship and the share of the client's wallet.

02

Strong client relationships

Most of the top customers of the company engage several service lines like express delivery, hyperlocal, reverse logistics, same-day delivery, etc. Such a deep integration leads to less customer churn and more long-term revenue visibility. Besides, the company was involved in designing delivery solutions with its large clients, e.g. hand-in-hand exchange and faster delivery timelines, which indicate strong operational trust.

03

Largest gig-based last-mile delivery network

The company runs the biggest crowdsourced last-mile delivery fleet in India among the 3PL players. It has 205,864 average quarterly active delivery partners in H1FY26 and operations across 2,300+ cities. The gig fleet is utilised for different services (e-commerce, quick commerce, hyperlocal), which results in high efficiency of the fleet and hence low delivery costs.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High dependence on a few large clients

The company is very dependent on a small number of clients for its revenue. Its biggest client alone accounted for ~49-59% of revenue in FY23-FY25, while the top 5 clients accounted for 75-85% of revenue. Any decrease in volumes, pricing pressure, or loss of a large client like Meesho or Flipkart can have a significant impact on revenue and profitability.

02

History of losses and uncertainty

Even though the company has turned a profit in FY25 and the recent six-month periods, it has a history of losses, including a loss of ₹142.6 crore in FY23 and ₹11.9 crore in FY24. Profit margins are still very low (FY25 PAT margin ~0.3%), and the company needs to invest continuously in network expansion, technology, and incentives. There is a possibility that profitability might not be sustained if costs increase at a faster rate than revenues.

Contact Details

Shadowfax Technologies

3rd Floor, Shilpitha Tech Park Sy No. 55/3 & 55/4 Outer Ring Road, Devarabisanahalli Village, Bellandur, Varthur Hobli, Bengaluru - 560103 Karnataka

08064525653
investors@shadowfax.in
https://www.shadowfax.in/

Registrar Contact Details

KFin Technologies Limited

04067162222
shadowfax.ipo@kfintech.com
https://ipostatus.kfintech.com/

Shadowfax Technologies IPO - FAQs

Shadowfax Technologies IPO is a Mainboard Listed IPO. The issue is priced at ₹118 to ₹124 per share. The minimum order quantity is 120 Shares. The IPO opens on 20 Jan, and closes on 22 Jan. KFin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-01-19
  • Bidding Starts2026-01-20
  • Bidding Ends2026-01-22
  • Allotment Finalisation2026-01-23
  • Release of Funds2026-01-27
  • Demat Transfer2026-01-27
  • Listing2026-01-28
04

Nationwide network and asset-light model

The company delivers services to 14,758 pin codes through 4,299+ touchpoints in India. It also receives support from automated sort centres and follows an asset-light leased infrastructure model. As a result, the company has demonstrated a very strong growth potential and achieved industry-leading capital efficiency, with a capital turnover ratio reaching 3.96x in FY25, which is the highest among 3PL peers.

05

Strong in-house technology

The company's own platform Frodo, SF Shield and SF Maps, harness AI and data analytics to coordinate delivery partners, detect fraud, and increase routing accuracy. This technology-driven business model reduces per-order costs, increases delivery dependability, and allows multiple service lines to be run on one scalable platform.

03

Operational risk due to leased logistics

The firm runs an extensive logistics network with 4,299 touchpoints, 3.5+ Mn sq. ft. of leased area, and the fact that all facilities are leased, not owned. A disruption resulting from non-renewal of a lease, higher rents, political instability, or infrastructure failure can have an impact on the level of services.

04

Heavy reliance on gig workers and franchise partners

The company relies heavily on a crowdsourced network of ~206,000 delivery partners with no exclusivity. If delivery personnel leave in large numbers- if competitors lure them away, if labour laws are changed, or if delivery partners protest, then delivery capacity and service quality are bound to be affected negatively. Moreover, partner expenses are very high as they amounted to ₹1,350.26 crore in FY25 alone, which implies that the firm may have to increase incentives even more to be able to retain riders, thus causing margin pressure.