Shadowfax Technologies IPO Date, Price, GMP, Details
Shadowfax Technologies
IPO Details
IPO Open
20 Jan 2026
IPO Close
20 Jan 2026
Price Band
₹118– ₹124
Issue Size
₹1,907 Cr
Listing on
BSE, NSE
Min. Lot Size
120
Face value
₹10
GMP
₹9
Key Performance Indicators
Market Cap
₹7,168 Cr
P/E
1018
EPS
₹0.12
Debt/Equity
0.21
RoNW
3.03
Sector
logistics
IPO Timeline
The Shadowfax technologies IPO listing date is expected to be January 28 2026, with allotment finalized on January 23 2026.
Introduction
Shadowfax Technologies Limited is a technology-driven logistics company focused on last-mile and hyperlocal deliveries. It works closely with large e-commerce platforms, D2C brands, and enterprises to move parcels quickly and reliably across cities. The company follows an asset-light model and relies on a large network of delivery partners supported by strong routing and allocation technology.
India’s logistics industry is growing fast due to rising online shopping, food delivery, and quick-commerce demand. Businesses now expect same-day or next-day delivery as a standard service. This shift has created strong demand for tech-enabled logistics players that can scale without heavy asset ownership.
Shadowfax’s key strength lies in its deep integration with enterprise clients, wide delivery network, and data-driven operations. Its platform helps optimise delivery routes, reduce costs, and improve delivery timelines. The company has also built long-term relationships with large clients, which supports recurring volumes.
The IPO aims to strengthen the balance sheet, fund growth, and improve visibility in public markets. For investors, this IPO matters because it offers exposure to India’s expanding logistics and e-commerce ecosystem through a scalable, technology-first business model.
About Shadowfax Technologies
Shadowfax Technologies Limited was founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal. The company was started to address inefficiencies in India’s last-mile delivery ecosystem, especially for hyperlocal and e-commerce shipments. The founders identified that traditional logistics models were asset-heavy, slow to scale, and poorly integrated with technology.
In its early phase, Shadowfax focused on building a technology-first delivery platform rather than owning vehicles or warehouses. The company created systems for delivery partner onboarding, real-time tracking, and route optimisation. Over the years, it expanded from hyperlocal deliveries into express parcel and enterprise logistics. Key milestones include geographic expansion across India, onboarding large enterprise clients, shifting the registered office to Bengaluru in 2021, and conversion into a public limited company in 2025, paving the way for the IPO.
Business Model
Shadowfax operates as a technology-enabled, asset-light logistics platform. It connects enterprises with a large network of delivery partners through its digital platform. The company manages the entire value chain from order allocation and route planning to delivery tracking and performance analytics.
The distribution model is primarily digital, supported by mobile apps for delivery partners and dashboards for enterprise clients. There is no manufacturing involvement, and physical infrastructure ownership is limited. A key operating strength is its ability to handle high-volume, time-sensitive deliveries at scale using proprietary algorithms and data analytics. The core business model is an asset-light, platform-driven logistics network.
Brand and Market Positioning
Shadowfax is perceived as a reliable and scalable logistics partner among large enterprises and high-growth digital businesses. It positions itself as a technology-first alternative to traditional courier and logistics companies. Compared to competitors, the company is known for flexibility, faster onboarding, and deep system integration with client platforms.
Its reputation is built on execution capability rather than consumer branding. Pricing power exists in enterprise contracts where service quality, reliability, and integration matter more than cost alone. Its branding advantage lies in technology-led scalability and enterprise trust.
Products and Services
Hyperlocal delivery services
Express parcel delivery
Same-day and next-day logistics
Enterprise logistics solutions
Delivery partner management platform
Flagship Offerings
The company’s flagship offering is its enterprise-focused last-mile and express delivery platform. It stands out due to real-time tracking, dynamic route optimisation, and the ability to scale delivery volumes quickly during peak demand. Entry barriers include technology depth, network scale, and long-term enterprise relationships. While it does not create a monopoly, it offers strong competitive insulation through platform stickiness. The key competitive edge is scalable technology combined with a nationwide delivery network.
Revenue Profile
Shadowfax earns revenue primarily from logistics services provided to enterprise clients. Revenue is generated from hyperlocal, express parcel, and customised enterprise delivery solutions. The company serves clients across multiple regions in India, with revenue largely domestic. Its client base is predominantly B2B, including e-commerce platforms, D2C brands, and large enterprises. The highest revenue contribution comes from enterprise logistics services.
Geographical Footprint
The company operates across major Indian cities and logistics corridors. It has offices and operational hubs in key urban markets, supported by a distributed delivery partner network. There are no owned manufacturing plants, and warehousing is largely partner-led where required. Shadowfax does not have a material export presence. India remains the primary and dominant market.
Management and Promoters
The company is promoted by Abhishek Bansal and Vaibhav Khandelwal, who bring strong operational and entrepreneurial experience. The management team includes professionals overseeing technology, operations, finance, and compliance. Responsibilities are clearly divided across core functions, supported by formal governance structures and board-level oversight. The promoters continue to play a central leadership role in strategy and execution.
Corporate Structure
Shadowfax operates through its parent entity and a limited number of subsidiaries focused on specific operational or support functions. There are no major joint ventures or overseas holding entities disclosed at this stage. The structure is kept lean to support operational efficiency. Criticalog India Private Limited is a key subsidiary.
Target Customers
The business primarily follows a B2B model. Its customers include large e-commerce companies, quick-commerce players, D2C brands, and enterprise clients requiring time-sensitive deliveries. These clients value reliability, scale, and technology integration over price alone. Enterprise clients form the primary target group.
How the Company Earns
Revenue is earned through service fees charged for deliveries executed on behalf of clients. Pricing is based on volume, distance, service level, and delivery complexity. The company does not operate on subscriptions and does not earn commissions from sales of goods. Revenue is largely recurring due to long-term enterprise contracts. Service-based logistics revenue is the primary earning channel.
Market Position
Shadowfax is among the leading technology-driven last-mile logistics players in India. It is recognised as one of the fastest-scaling platforms in the hyperlocal and enterprise delivery segment. The company holds a strong position in urban and semi-urban markets where delivery density is high. It is positioned as a top-tier, enterprise-focused logistics platform.
About Shadowfax Technologies IPO
Shadowfax Technologies Limited is raising a total of ₹1,907.27 crore through its IPO, consisting of a Fresh Issue of ₹1,000 crore and an Offer for Sale (OFS) of approximately ₹907.27 crore by existing investors. The book running lead managers for the offer are ICICI Securities Limited, Morgan Stanley India Company Private Limited, and JM Financial Limited. KFin Technologies Limited is serving as the registrar for the issue.
The IPO has set a price band at ₹118 to ₹124 per equity share, with a face value of ₹10 per share. The lot size is 120 shares, which means a minimum investment of around ₹14,880 at the upper price band. The IPO is structured as a 100% book-built issue and the equity shares are proposed to be listed on both BSE and NSE. The price band places Shadowfax’s post-money valuation at roughly ₹7,169 crore at the upper end.
Proceeds from the Fresh Issue will be used to strengthen the company’s balance sheet, fund expansion of network infrastructure, support branding and marketing efforts, and meet general corporate purposes. The capital raised will also help scale operations in response to rising demand for e-commerce, quick commerce, and third-party logistics solutions across India.
Anchor bidding is scheduled for 19 January 2026. The IPO opens on 20 January 2026 and closes on 22 January 2026 for public subscription. Basis of allotment is expected on 23 January 2026, refunds and demat credit on 27 January 2026, and the shares are expected to be listed on 28 January 2026.
B. IPO Details
Issue Type: 100% Book-Built Issue
Total Issue Size: ₹1,907.27 crore
Fresh Issue: ₹1,000 crore
OFS: ₹907.27 crore
Price Band: ₹118 – ₹124 per share
Face Value: ₹10 per share
Lot Size: 120 shares
Minimum Retail Investment: ₹14,880 (based on upper band)
Listing: BSE, NSE
Pre-IPO Placement: Not disclosed publicly
Employee Reservation: Details not widely reported yet
BRLMs:
ICICI Securities Limited
Morgan Stanley India Company Private Limited
JM Financial Limited
Registrar:
KFin Technologies Limited
C. IPO Timeline
Anchor Date: 19 January 2026
Issue Opens: 20 January 2026
Issue Closes: 22 January 2026
Allotment Finalisation: 23 January 2026
Refunds: 27 January 2026
Demat Credit: 27 January 2026
Listing Date: 28 January 2026
D. Valuation Snapshot
Price Band: ₹118 – ₹124 per share
Implied Market Cap: ~₹7,169 crore (at upper band)
P/E: To be calculated post-listing
EV/EBITDA: Not publicly disclosed yet
Price-to-Sales: Not publicly disclosed yet
Pre-IPO Placement Price: Not publicly available
The valuation range reflects strong investor interest in logistics and last-mile delivery platforms in India. Shadowfax’s price band of ₹118 to ₹124 positions the company at a valuation of over ₹7,000 crore, which investors will compare with other listed peers in the e-commerce logistics segment. Given its growth, expanding network reach, and improving profitability trajectory, the valuation seeks to balance future growth potential with current earnings visibility.
Industry Overview of Logistics Sector
The logistics and supply chain industry in India includes transportation, warehousing, express parcel delivery, hyperlocal delivery, and technology platforms that manage the movement of goods. With the rise of e-commerce and quick-commerce, technology-enabled and asset-light logistics models have become critical to meeting faster delivery expectations.
Market Size and Segmentation
India’s logistics market is large and diverse, serving manufacturing, retail, agriculture, and digital commerce. The industry is segmented into traditional freight, warehousing, express parcel services, hyperlocal delivery, and platform-based logistics companies. Express parcel and last-mile delivery are among the fastest-growing segments due to online shopping growth.
Key Drivers & Industry Lifecycle
Key growth drivers include rising internet penetration, increased smartphone usage, digital payments, and changing consumer behaviour toward online purchases. Enterprises now demand faster and more reliable delivery. The industry is in a growth stage, with technology adoption reshaping traditional logistics models.
Demand Dynamics
Demand is primarily driven by e-commerce platforms, D2C brands, food delivery companies, and enterprise clients. Delivery volumes are recurring and increase sharply during festive seasons and major sales events. Businesses prefer long-term logistics partnerships to ensure reliability and scale.
Competitive Landscape (Porter’s Five Forces)
Competition is high with multiple organised and unorganised players. Entry barriers are moderate, especially for asset-light models, but achieving national scale is challenging. Large clients have strong bargaining power, while delivery partners influence supply availability. Some large platforms operate in-house logistics, creating substitute threats.
Operational Benchmarks (Industry-Specific)
Important benchmarks include delivery success rates, turnaround time, cost per shipment, route efficiency, partner productivity, and technology uptime. Companies with strong data analytics and routing technology tend to perform better on margins and scalability.
Regulatory & ESG Environment
The industry operates under transport, labour, and compliance regulations. ESG focus is increasing, particularly around fair treatment of delivery partners, safety standards, and reducing environmental impact through route optimisation and electric vehicle adoption.
Geopolitical & Supply Chain Risks
Fuel price volatility, infrastructure constraints, and regional disruptions can impact delivery costs and timelines. Domestic last-mile logistics is less exposed to global geopolitical risks compared to international freight and export-linked logistics.
Future Outlook & Major Risks
The long-term outlook remains positive due to continued growth in e-commerce and digital consumption. Key risks include intense price competition, margin pressure, high attrition of delivery partners, and rising operational costs.
Conclusion & Investment Context
India’s logistics industry offers strong structural growth opportunities, especially for technology-driven platforms. For investors, the sector provides exposure to consumption growth and digital transformation, but success depends on execution quality, scalability, and sustainable profitability.
Peer Analysis of Shadowfax Technologies
Revenue Scale
Shadowfax Technologies – Mid-to-large scale revenues driven by enterprise and last-mile logistics
Delhivery – Large-scale revenues with pan-India express parcel dominance
Ecom Express – High revenue concentration from e-commerce logistics
Xpressbees – Fast-growing revenues supported by marketplace and D2C volumes
Blue Dart – Stable revenues with premium B2B pricing
DTDC – Broad revenue base from domestic and international courier services
Profitability Profile
Shadowfax Technologies – Improving margins with focus on operational efficiency
Delhivery – Thin margins due to scale expansion and pricing pressure
Ecom Express – Moderate margins with gradual operating leverage
Xpressbees – Lower margins prioritising growth
Blue Dart – Strong and consistent profitability
DTDC – Moderate profitability under franchise-led model
Asset Ownership
Shadowfax Technologies – Fully asset-light, partner-led delivery model
Delhivery – Mixed model with owned infrastructure and asset-light elements
Ecom Express – Largely asset-light
Xpressbees – Asset-light with selective infrastructure
Blue Dart – Asset-heavy with owned aircraft and hubs
DTDC – Franchise-based with limited asset ownership
Geographic Reach
Shadowfax Technologies – Strong presence across major Indian cities
Delhivery – Nationwide coverage across metros and non-metros
Ecom Express – Deep reach in Tier 2 and Tier 3 cities
Xpressbees – Rapidly expanding national footprint
Blue Dart – Strong domestic plus international connectivity
DTDC – Wide domestic and global reach
Client Concentration
Shadowfax Technologies – High enterprise client concentration
Delhivery – Diversified client base
Ecom Express – Dependence on large e-commerce platforms
Xpressbees – Significant exposure to online marketplaces
Blue Dart – Diversified B2B customers
DTDC – Fragmented SME-led customer base
Technology Intensity
Shadowfax Technologies – Core operations driven by proprietary tech platform
Delhivery – Advanced automation and data analytics
Ecom Express – Strong tracking and routing systems
Xpressbees – Technology-focused operations
Blue Dart – Stable but less aggressive tech adoption
DTDC – Improving digital capabilities
Brand Strength
Shadowfax Technologies – Strong enterprise-focused brand
Delhivery – High brand recall among enterprises and investors
Ecom Express – Recognised e-commerce logistics brand
Xpressbees – Growing brand visibility
Blue Dart – Premium and trusted logistics brand
DTDC – Legacy brand with mass recall
Last-Mile Network Density
Shadowfax Technologies – Dense partner network in urban clusters
Delhivery – High-density national network
Ecom Express – Strong last-mile reach in non-metros
Xpressbees – Rapidly scaling delivery partner base
Blue Dart – Controlled premium network
DTDC – Franchise-driven density
Scalability
Shadowfax Technologies – Highly scalable due to asset-light structure
Delhivery – Scalable with automation and infrastructure
Ecom Express – Scalable through partner expansion
Xpressbees – High scalability with flexible operations
Blue Dart – Limited scalability due to asset-heavy model
DTDC – Moderate scalability via franchises
Cost Efficiency
Shadowfax Technologies – Competitive cost structure driven by tech optimisation
Delhivery – Improving efficiency with volume growth
Ecom Express – Cost-competitive in last-mile deliveries
Xpressbees – Aggressive pricing strategy
Blue Dart – Higher costs aligned with premium service
DTDC – Variable cost efficiency
Customer Retention
Shadowfax Technologies – Strong retention through enterprise contracts
Delhivery – High retention across key accounts
Ecom Express – Sticky e-commerce client relationships
Xpressbees – Growing repeat customer base
Blue Dart – Very high B2B retention
DTDC – Moderate SME retention
Exposure to E-commerce & Quick Commerce
Shadowfax Technologies – High exposure to e-commerce and quick commerce
Delhivery – High e-commerce exposure
Ecom Express – Very high e-commerce dependence
Xpressbees – High exposure with growth focus
Blue Dart – Limited quick commerce exposure
DTDC – Moderate exposure
Growth Orientation
Shadowfax Technologies – Growth-focused with improving profitability
Delhivery – Scale-first strategy
Ecom Express – Growth with margin improvement focus
Xpressbees – Aggressive expansion-led growth
Blue Dart – Stable, low-growth premium model
DTDC – Steady growth via network expansion
Key Insights
Shadowfax positions itself firmly among asset-light, technology-driven logistics platforms, competing closely with Delhivery, Ecom Express, and Xpressbees. While Blue Dart dominates the premium segment and DTDC benefits from franchise reach, Shadowfax’s strength lies in enterprise integration, scalability, and cost efficiency. For investors, the key comparison points are execution capability, margin trajectory, and ability to retain large enterprise clients.
Shadowfax Technologies IPO Reservation
IPO Allocation Structure
Distribution across investor categories
Shadowfax Technologies IPO Lot Size
| Application | Lots | Shares | Amount | |
|---|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 | |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 | |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 | |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 | |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
Financials of Shadowfax Technologies
| Period | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,453.16 | 1,259.26 | 786.14 | 442.73 |
| Total Income | 1,819.80 | 2,514.66 | 1,896.48 | 1,422.89 |
| Profit After Tax | 21.04 | 6.06 | -11.88 | -142.64 |
| EBITDA | 64.34 | 56.19 | 11.37 | -113.47 |
| NET Worth | 693.53 | 660.43 | 421.78 | 176.32 |
| Reserves and Surplus | 281.26 | 248.16 | 172.47 | 171.20 |
| Total Borrowing | 147.44 | 132.23 | 40.33 | 66.69 |
Shadowfax has shown strong and consistent revenue growth, with total income increasing from ₹1,422.89 crore in FY23 to ₹2,514.66 crore in FY25. The six-month performance for FY26 already stands at ₹1,819.80 crore, indicating sustained demand from enterprise and e-commerce clients.
Profitability has improved sharply. The company moved from a loss of ₹142.64 crore in FY23 to a profit of ₹6.06 crore in FY25, and further strengthened profitability with a PAT of ₹21.04 crore in the first half of FY26. This reflects better cost control, higher delivery density, and improved operational efficiency.
EBITDA has turned decisively positive, rising from ₹-113.47 crore in FY23 to ₹56.19 crore in FY25, and further to ₹64.34 crore in the first half of FY26. This shows improving operating leverage as the platform scales.
Net worth has expanded steadily to ₹693.53 crore, supported by retained earnings and capital infusion. Borrowings have increased in recent periods but remain reasonable for a high-growth, asset-light logistics business, indicating controlled leverage.
Objective of Shadowfax Technologies IPO
To fund capital expenditure for strengthening logistics infrastructure, technology platforms, and delivery network efficiency
To meet working capital requirements arising from higher delivery volumes and enterprise contracts
To support investment in technology, including platform upgrades, data analytics, and route optimisation tools
To enhance brand visibility and marketing across enterprise and partner ecosystems
To improve financial flexibility and strengthen the balance sheet through the Fresh Issue
To address general corporate purposes, including operational and administrative needs
SWOT Analysis of Shadowfax Technologies IPO
Strengths
Technology-driven, asset-light logistics platform enabling rapid scalability
Strong relationships with large enterprise and e-commerce clients
Nationwide delivery partner network with high urban density
Improving profitability and positive EBITDA momentum
Scalable operations supported by data analytics and automation
Weaknesses
High dependence on enterprise clients, leading to revenue concentration risk
Thin margins due to competitive pricing in logistics industry
Exposure to delivery partner availability and attrition
Limited consumer brand visibility compared to traditional courier brands
Opportunities
Rapid growth in e-commerce, D2C, and quick-commerce segments in India
Increasing outsourcing of logistics by enterprises
Expansion into Tier 2 and Tier 3 cities with rising online demand
Adoption of new technologies to improve delivery efficiency and margins
Threats
Intense competition from established logistics players and new startups
Rising fuel and operating costs impacting margins
Large e-commerce platforms building in-house logistics capabilities
Regulatory and labour-related changes affecting gig workforce
Red Flags in Shadowfax Technologies IPO RHP
Persistent Margin Pressure
Logistics is a low-margin business by nature
Even after turning profitable, net margins remain thin
Any rise in fuel costs, incentives, or pricing pressure can wipe out profits quickly
Why this matters: Profitability is fragile and not yet battle-tested across cycles.
High Dependence on Enterprise Clients
A small number of large clients contribute a significant portion of revenue
Loss or renegotiation of any major client can materially impact income
Why this matters: Strong bargaining power sits with clients, not Shadowfax.
Delivery Partner Dependency Risk
Operations rely heavily on gig delivery partners
High attrition, regulatory changes, or incentive cuts can disrupt operations
Any tightening of labour laws can increase compliance and cost burden
Why this matters: The backbone of the business is not fully under company control.
Intense Competitive Landscape
Competes with:
Deep-pocketed players like Delhivery
Asset-heavy premium players like Blue Dart
Aggressive private startups like Xpressbees
No monopoly or duopoly position
Why this matters: Pricing power is limited and customer switching costs are low.
Asset-Light Model Has Trade-offs
Asset-light helps scaling but:
Reduces operational control
Makes service quality dependent on partners
Harder to differentiate long term without owning key infrastructure
Why this matters: Scalability comes at the cost of defensibility.
History of Losses
Company reported heavy losses in earlier years
Profitability is recent and limited to a short period
Sustained profitability is not yet proven
Why this matters: One or two profitable periods do not establish long-term stability.
Rising Borrowings
Borrowings have increased in recent years
While manageable now, rising debt can strain cash flows if growth slows
Why this matters: Leverage risk increases if margins compress again.
Technology Is Not a Moat Yet
Routing, tracking, and allocation tech is good
But not impossible to replicate by well-funded competitors
No critical patents or exclusive IP disclosed
Why this matters: Tech advantage may narrow over time.
OFS Component Signals Partial Exit
Significant portion of IPO is Offer for Sale
Existing investors are partially cashing out
Why this matters: Not a negative by default, but shows investors are de-risking.
Exposure to Regulatory Changes
Subject to:
Labour laws
Gig worker classification
Transport and compliance regulations
Any unfavourable change can impact cost structure
Why this matters: Regulatory risk is structural, not temporary.
Cyclicality and Seasonality
Volumes spike during sales and festive seasons
Off-peak periods can hit utilisation and margins
Why this matters: Earnings consistency is uneven.
Soft Red Flags (Watchlist Items)
Limited international diversification
No dividend visibility in near term
Valuation driven more by growth expectations than earnings
Highly execution-dependent business
Disclaimer: Market Insiderz is not a SEBI registered investment advisor. The information provided here, including GMP, is for educational purposes only and subject to market volatility. Please consult a certified financial advisor and read the RHP carefully before investing.
Conclusion
Shadowfax Technologies enters the public markets with several clear strengths. The company operates a technology-led, asset-light logistics platform that scales efficiently across India. Strong enterprise relationships, improving EBITDA margins, and a return to profitability indicate better operating discipline and growing delivery density.
At the same time, investors should be mindful of the key risks. The logistics sector remains highly competitive, pricing pressure is constant, and margins are sensitive to fuel costs and delivery partner availability. Revenue concentration among large enterprise clients also adds execution risk if contracts are renegotiated or lost.
This IPO is best suited for investors with a medium- to long-term horizon who want exposure to India’s e-commerce, quick-commerce, and digital logistics growth story. Short-term listing gains may depend on market sentiment, but long-term returns will hinge on sustained profitability and cost control.
Final verdict: Long-term Only. Suitable for investors who understand the risks of competitive, low-margin businesses and are betting on scale, technology advantage, and industry growth.
FAQ on Shadowfax Technologies IPO
Shadowfax Technologies IPO is a public issue through which the company is raising funds to support growth, strengthen its balance sheet, and allow partial exit to existing investors.
The price band for the IPO is ₹118 to ₹124 per equity share.
The IPO opens on 20 January 2026 and closes on 22 January 2026.
The minimum retail investment is ₹14,880, calculated at the upper price band.
The lot size is 120 equity shares, and applications must be made in multiples of this lot.
The Grey Market Premium keeps changing daily. Investors should track GMP closer to the listing date for better clarity.
The allotment is expected to be finalised on 23 January 2026.
Refunds are expected to be initiated on 27 January 2026
Equity shares are expected to be credited to demat accounts on 27 January 2026.
The total issue size is ₹1,907.27 crore, including a fresh issue and an offer for sale.
The fresh issue proceeds will be used for working capital needs, technology investment, expansion, and general corporate purposes.
The company has shown strong revenue growth and has recently turned profitable, with improving EBITDA and PAT in the latest reported periods
The IPO may suit long-term investors who understand the risks of the logistics sector and are comfortable with competitive pressure and thin margins.
