Logistics firm Shadowfax is gearing up for an initial public offering (IPO) in 2025, taking its first major step toward going public by transitioning into a public entity.
The board at Shadowfax has approved a resolution to change its status to a public company and rename it from “Shadowfax Technologies Private Limited” to “Shadowfax Technologies Limited”, as per its regulatory filing.
The company’s conversion into a public entity follows its $16.8 million funding (part of Series F round) in February 2025 from Mirae Asset and Nokia Growth Partners.
Shadowfax is reportedly planning to launch an IPO worth Rs 2,500–3,000 crore later this year. The offering will comprise both a fresh issue of equity shares and an offer for sale (OFS) component, according to company filings.
The company also tapped JM Financial, Morgan Stanley and ICICI Securities as the lead bankers for the initial public offering.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax is an e-comm focused logistics firm which operates with 1,25,000 monthly active delivery partners.
According to startup data intelligence platform TheKredible, the Bengaluru-based company has raised $246 million to date. Eight Road Ventures is the largest external stakeholder followed by Flipkart, Newquest Asia and Nokia Growth Partners.
While the company is yet to disclose its financials for FY25, Shadowfax reported a 33.2% year-on-year increase in revenue to Rs 1,885 crore in FY24. It also reduced its losses by 91.7% to Rs 11.8 crore during the same period (FY24).