Flipkart, TPG-Backed Shadowfax Plans ₹2,000-Crore IPO; Files Updated Papers with SEBI to Raise Funds
Flipkart, TPG-Backed Shadowfax Plans ₹2,000-Crore IPO; Files Updated Papers with SEBI to Raise Funds
Bengaluru-based logistics startup Shadowfax Technologies, backed by Flipkart, TPG, and Qualcomm, has moved a step closer to its stock market debut by filing an Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) on October 31, 2025. The company aims to raise ₹2,000 crore through its initial public offering (IPO).
According to the filing, ₹1,000 crore will be raised through the fresh issue of shares, while another ₹1,000 crore worth of shares will be sold by existing investors through an offer-for-sale (OFS).
Among the investors looking to sell part of their holdings are Walmart-owned Flipkart Internet, Eight Roads Investments Mauritius, TPG’s NewQuest Asia Fund, Nokia Growth Partners, International Finance Corporation (IFC), Mirae Asset, Qualcomm, and Snapdeal founders Kunal Bahl and Rohit Bansal.
In its public notice released on November 1, Shadowfax, co-founded by Abhishek Bansal and Vaibhav Khandelwal, stated that the Updated Draft Red Herring Prospectus – I will remain open for public comments for at least 21 days from the filing date with SEBI and the stock exchanges.
The company added that it will later file Updated Draft Red Herring Prospectus – II, incorporating feedback from the public and any observations made by SEBI.
The proposed IPO is expected to help Shadowfax expand its logistics network, improve technology infrastructure, and provide an exit route to early investors.
Founded in 2015, Shadowfax operates a technology-driven logistics platform offering last-mile delivery, e-commerce logistics, and hyperlocal delivery services across India. With major clients in the e-commerce, food delivery, and retail sectors, the company has rapidly grown into one of the country’s leading logistics service providers.
Industry analysts view this IPO as part of a broader trend of Indian startups entering public markets to fuel growth and attract new investors, following in the footsteps of companies like Delhivery, Zomato, and Nykaa.
