Shadowfax Technologies Limited, India's fastest-growing technology-led third-party logistics (3PL) company, is set to launch its initial public offering from January 20-22, 2026, with a total issue size of ₹650.64 crores. The company has established itself as a dominant player in India's logistics ecosystem, serving enterprise clients across e-commerce, quick commerce, food marketplace, and on-demand mobility segments through its extensive network covering 14,758 Indian pin codes.

Strong Financial Performance and Growth Trajectory

Shadowfax has demonstrated remarkable financial growth over the past three years, with revenue from operations expanding at a compound annual growth rate of 32.6%. The company's financial performance shows consistent improvement across key metrics:

The company has successfully transitioned from losses to profitability, with profit before tax improving from negative ₹142.64 crores in FY2023 to positive ₹6.06 crores in FY2025. In Q2 FY2026, profit before tax reached ₹21.04 crores, representing a significant improvement in operational efficiency.

Market Leadership and Operational Scale

Shadowfax has expanded its e-commerce shipment market share from approximately 8% in FY2022 to approximately 21% in Q2 FY2026, establishing itself as the largest 3PL provider in India for value-added services by order volume. The company operates through an extensive infrastructure network that includes:

The company's unique positioning as the only 3PL of scale in India offering both end-to-end delivery for e-commerce and last-mile delivery for hyperlocal use cases provides significant competitive advantages. Shadowfax operates India's largest crowdsourced last-mile delivery fleet among 3PL e-commerce players, enabling flexible and scalable operations.

IPO Proceeds Utilization Strategy

The ₹650.64 crores raised through the fresh issue will be strategically deployed across three primary areas to support continued growth and market expansion:

The largest allocation toward network infrastructure will fund middle mile and last mile network expansion, automated sortation centers with cross-belt sorters, IT infrastructure upgrades, and asset procurement. The facility expansion component will establish new first mile centers, last-mile centers, and sort centers to increase pin code coverage and service capabilities.

Technology-Driven Business Model

Shadowfax leverages proprietary technology platforms to manage its diverse service offerings, including express forward parcel deliveries, reverse pickups, prime deliveries, quick commerce solutions, and on-demand hyperlocal deliveries. The company's technology infrastructure enables efficient management of its extensive delivery partner network while maintaining operational excellence across multiple service verticals.

The company has been certified as a Great Place to Work for the periods October 2023-2024 and April 2025-2026, reflecting strong organizational culture and employee satisfaction. Founded in 2015, Shadowfax is led by an experienced management team including CEO Abhishek Bansal, CTO Vaibhav Khandelwal, and COO Praharsh Chandra.

Financial Position and Cash Flow

As of September 30, 2025, Shadowfax maintains a solid balance sheet with total assets of ₹1,453.16 crores and total equity of ₹693.53 crores. The company's cash flow profile has shown improvement, with operating cash flow of ₹140.89 crores in Q2 FY2026, demonstrating the business model's ability to generate positive operational cash flows.

Investment Timeline and Listing Details

The IPO follows a compressed timeline with the issue opening on January 20, 2026, and closing on January 22, 2026. Allotment is scheduled for January 23, 2026, with listing expected on January 28, 2026. This timeline reflects strong market conditions and investor interest in India's growing logistics sector.

Shadowfax's IPO represents an opportunity for investors to participate in India's expanding digital commerce ecosystem through a technology-enabled logistics platform with demonstrated growth, improving profitability, and extensive market reach across the country's diverse pin code network.

Shadowfax Technologies Limited has set the price band for its maiden public offering at ₹118-124 per share, valuing the logistics services provider at over ₹7,100 crore at the higher end. The ₹1,907.27 crore IPO will open for subscription on January 22 and conclude on January 24, with anchor investor bidding scheduled for January 19.

IPO Structure and Shareholding Details

The public offering comprises two components: a fresh issue of shares worth ₹1,000 crore and an offer for sale (OFS) valued at ₹907.27 crore by existing shareholders.

Several prominent investors will participate in the OFS, including Flipkart Internet, Eight Roads Investments Mauritius II Ltd, NewQuest Asia Fund IV (Singapore) Pte. Ltd, Nokia Growth Partners IV L.P, International Finance Corporation, Mirae Asset, Qualcomm Asia Pacific Pte. Ltd, and Snapdeal founders Kunal Bahl and Rohit Kumar Bansal.

Fund Utilization and Business Operations

The company plans to utilize proceeds from the fresh issue for multiple strategic initiatives, including enhancing network infrastructure capacity, funding lease payments for new first mile, last mile, and sort centres, as well as supporting branding, marketing, and communication initiatives. Additional funds will be allocated toward unidentified inorganic acquisitions and general corporate purposes.

Shadowfax Technologies Limited operates as India's leading logistics service provider for e-commerce express parcel and value-added services, maintaining a service network covering 14,758 Indian pin codes as of September 2025. The company serves diverse enterprise clients across horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility sectors.

Financial Performance and Market Position

The company demonstrated robust financial growth in recent periods:

Shadowfax Technologies Limited's market presence has strengthened significantly, with its express parcel market share rising to approximately 21% in Q1 FY26, compared to around 8% in FY22 according to Redseer data. The e-commerce express parcel segment contributes approximately 70% of total business revenue, while hyperlocal and quick commerce logistics account for around 20% of revenue.

IPO Timeline and Allocation

The IPO allocation follows standard regulatory guidelines:

• Qualified Institutional Buyers: 75% of issue size
• Non-Institutional Investors: 15% of issue size
• Retail Investors: 10% of issue size

Shares are expected to list on January 28 on stock exchanges. The company filed draft papers with SEBI in late June through a confidential pre-filing route and received regulatory approval in October, providing flexibility in IPO planning while maintaining confidentiality until later stages.