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InvestmentsIPOShadowfax Technologies IPO

Shadowfax Technologies IPO

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Open Date

20 Jan 2026

Close Date

22 Jan 2026

Min Investment

₹ 14,880

Lot Size

120

Issue Size

₹ 2004.25 Cr

Price Range

₹ 118 - ₹ 124

Subscribed

2.72 x
status

This IPO is now Live.

Click here for live price
IPO Timeline
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IPO Offer Start
20 Jan 2026
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IPO Offer Ends
22 Jan 2026
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Allotment Finalisation
23 Jan 2026
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Refund Initialisation
27 Jan 2026
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Non-Institutional Buyers (sHNI)
27 Jan 2026
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Listing of Shares
28 Jan 2026
IPO Subscription Details as on 3 Apr 2026, 10:47 AM
Qualified Instituational Buyers (QiB)
3.81 x
Retail
2.29 x
Employees
2.06 x
Total
2.72 x
Non-Institutional Buyer (bHNI)
0.63 x
Non-Institutional Buyer (sHNI)
1.25 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Shadowfax Technologies Limited is a new-age, technology-led third-party logistics (3PL) company that leverages technology to facilitate digital commerce across 14,758 Indian pin codes as of September 30, 2025. The company serves enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplace, and on-demand mobility companies. The company offers express forward parcel deliveries, reverse pickups, hand-in-hand exchange deliveries, prime deliveries, quick commerce and on-demand hyperlocal deliveries, mobility, and other services including critical logistics. The company is the fastest growing 3PL company of scale in India, expanding its e-commerce shipment market share from approximately 8% in Financial Year 2022 to approximately 21% in the three months period ended June 30, 2025.
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Founded In

2015

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CEO

Abhishek Bansal

Financials of Shadowfax Technologies IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue1,415.121,884.822,485.13
Other Income7.7711.6629.53
Total Income
1,422.891,896.482,514.66
Total Expenses
1,565.531,908.362,508.60
Profit Before Tax-142.64-11.886.06
Total Profit
-142.64-11.886.43

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company intends to deepen its network infrastructure by increasing pin codes serviced across India through investing in middle mile and last mile network, including automated sortation centers with cross-belt sorters and conveyors, IT infrastructure replenishment, and procurement of assets for existing and future facilities.423
The company proposes to establish new first mile centers, last-mile centers and sort centers on leased premises to further deepen its network infrastructure and increase the number of pin codes serviced across India.139
The company intends to invest in targeted marketing campaigns, brand-building initiatives, and communication initiatives including digital marketing, delivery partner branding, and delivery partner communication costs to attract and retain more delivery partners to its platform.89
The company proposes to deploy funds towards general corporate purposes and unidentified inorganic acquisitions including strategic acquisitions to augment growth, expand product offerings, enhance geographical presence, and strengthen existing platforms through complementary technology.-
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  • Agile and customisable logistics services that enable faster go-to-market for clients: The company is the only 3PL of scale in India offering both end-to-end delivery for e-commerce and last-mile delivery for quick commerce, food delivery, and other hyperlocal use cases. The company is the largest 3PL provider in India for value-added services such as reverse pickups logistics, hand-in-hand exchange deliveries, same day, and quick commerce, by order volume for Financial Year 2025.
  • Largest last-mile gig-based delivery partner infrastructure: Among the 3PL e-commerce players, the company's platform had access to India's largest crowdsourced last-mile delivery fleet, in terms of average monthly transacting delivery partners as of Financial Year 2025. For the six months period ended September 30, 2025, the company's platform had 205,864 Average Quarterly Unique Transacting Delivery Partners across more than 2,300 cities.
  • Extensive nationwide network: The company's network infrastructure serves as the backbone of efficient and scalable delivery system, encompassing first-mile, middle-mile, and last-mile facilities. As of September 30, 2025, the company had the ability to service 14,758 pin codes through its network of more than 4,299 touch points across first and last mile centers, franchisee partners, and sort centers.
  • Proprietary and agile technology capabilities: The company has built a technology led logistics platform that is custom built for enabling digital commerce penetration in India. The technology platform allows the company to manage a diverse range of service offerings and a flexible, dynamic delivery partner network while maintaining high standards of client experience and operational excellence.
  • Proven business model, with focus on profitability, while delivering healthy growth: The company's total revenue from operations grew from ₹14,151.24 million for Financial Year 2023 to ₹24,851.31 million for Financial Year 2025. For the six months period ended September 30, 2025, the company's Adjusted EBITDA reached ₹515.65 million, with an Adjusted EBITDA Margin of 2.86%.
  • Experienced management team supported by entrepreneurial founders: The company's founding management team comprises experienced professionals who have played pivotal roles in shaping the company's vision and growth trajectory. The company has been certified as a great workplace by the Great Place to Work Institute for the period from October 2023 to 2024 and April 2025 to 2026.

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