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Shadowfax Technologies, a Bengaluru-based logistics and delivery technology company backed by Flipkart and global investors, is set to launch its INR 1,900 crore Initial Public Offering (IPO) on January 20, 2026. The public issue is among the most closely watched startup listings in India’s logistics and tech-enabled services sector this year.
Founded in 2015, Shadowfax operates a technology-driven third-party logistics platform catering to e-commerce, quick commerce, food delivery and hyperlocal businesses. The company has built a nationwide delivery network covering more than 14,000 pin codes, positioning itself as a key infrastructure player in India’s rapidly growing digital commerce ecosystem.
IPO Structure and Key Dates
The IPO consists of a fresh issue worth INR 1,000 crore along with an offer for sale (OFS) of approximately INR 900 crore by existing shareholders. The issue will open for public subscription on January 20 and close on January 22, while the anchor investor portion will open a day earlier.
The company has fixed the price band at ₹118 to ₹124 per share, with a face value of ₹10 per equity share. Shadowfax is expected to list on the stock exchanges on January 28, 2026.
Use of IPO Proceeds
Shadowfax plans to utilise the proceeds from the fresh issue to:
- Expand its first-mile and last-mile delivery infrastructure
- Strengthen sorting and fulfilment capabilities
- Invest in technology, automation and data-driven logistics solutions
- Support brand building and growth initiatives
The company aims to deepen its presence across urban and semi-urban markets while improving delivery efficiency and service reliability.
Business Model and Growth Outlook
Shadowfax follows an asset-light, technology-first logistics model, leveraging a large network of delivery partners and proprietary software to optimise routing, capacity utilisation and turnaround times. Its diversified client base across e-commerce marketplaces, D2C brands, food delivery platforms and quick commerce players has helped drive consistent growth.
With rising online consumption, faster delivery expectations and increasing penetration of hyperlocal commerce, the demand for organised, tech-enabled logistics services continues to expand — creating a favourable long-term outlook for the company.
What This IPO Signals for India’s Startup Market
Shadowfax’s IPO adds momentum to India’s evolving startup public market landscape, especially for companies operating in core digital infrastructure and logistics. Successful listings in this segment could unlock liquidity for early investors and encourage more venture-backed startups to tap the public markets.
As investor appetite for profitable or near-profitable tech-enabled businesses improves, logistics and supply-chain platforms like Shadowfax are emerging as key beneficiaries.
Source: https://inc42.com/buzz/flipkart-backed-shadowfaxs-inr-1900-cr-ipo-to-open-on-jan-20/
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