According to draft papers, Shadowfax proposes to issue fresh shares worth Rs 1,000 crore, and an offer for sale for existing investors worth another Rs 1,000 cr
MUMBAI: The Bengaluru-based technology-driven logistics services provider Shadowfax Technologies, which is backed by the $36-billion worth ecommerce giant, the Walmart-owned Flipkart, and the private equity major TPG, and tech giant Qualcomm, has filed updated draft papers with the Sebi for a Rs 2,000-crore initial public offering.
The Bentonville, Arkansas-headquartered global retail giant Walmart had paid $16 billion (the largest FDI in domestic history) for 77 percent stake in Flipkart in August 2018, has been planning an IPO for some years now and now may sail through next year, valuing the ecommerce giant at around $70 billion.
According to draft papers, Shadowfax proposes to issue fresh shares worth Rs 1,000 crore, and an offer for sale for existing investors worth another Rs 1,000 crore. Walmart's Flipkart Internet, Eight Roads Investments Mauritius, TPG's Newquest Asia Fund, Nokia Growth Partners, International Finance Corporation, Mirae Asset, Qualcomm, and Snapdeal's founders Kunal Bahl, and Rohit Kumar Bansal are the selling shareholders in the offer-for-sale.
This updated draft red herring prospectus was cleared by the Sebi on Friday and has validity for 21 days from the date of its filing with, said Abhishek Bansal and Vaibhav Khandelwal-founded Shadowfax said Saturday in a statement.
On October 7, 2025, the Sebi had cleared the company's DRHP filed via confidential route. Promoters hold 20.26 percent stake in Shadowfax, while the remaining 79.74% shares are owned by the public shareholders including Newquest, Eight Roads Investments, and Flipkart which are the largest shareholders with each having over 14% in the company.
Shadowfax proposed to spend Rs 423.4 crore of fresh issue proceeds for its network infrastructure, Rs 138.6 crore for lease payments for new first mile centers, last mile centers and sort centers. Further, Rs 88.6 crore will be used for branding, marketing and communication, and the remainder will be set aside for general corporate purposes.
Shadowfax that competes with listed peers like Blue Dart Express, and Delhivery has recorded consolidated profit at Rs 21 crore for the six months period to September 2025, up from Rs 9.8 crore net in same period previous fiscal. Revenue during this period surged to Rs 1,805.6 crore from Rs 1,072 crore.
Its FY24 revenue was Rs 2,485 crore. Shadowfax serves a wide range of enterprise clients including horizontal and non-horizontal e-commerce, quick commerce, food marketplaces, and on-demand mobility companies.
The company offers express forward parcel deliveries, reverse pickups, on-demand hyperlocal and critical logistics solutions. It processed 436.36 million orders in FY25, up 30 percent each year from FY23. During H1FY26, it processed 294.45 million orders which is more 50.11 percent over the same period last fiscal.
