About
Shadowfax Technologies Limited is a technology-led third-party logistics (3PL) company incorporated in April 2015. It was founded by Abhishek Bansal and Vaibhav Khandelwal and is headquartered in Bengaluru, India. The company enables digital commerce by providing end-to-end logistics solutions across India. Shadowfax operates a large, asset-light delivery network covering over 14,700 pin codes. It serves a diverse base of enterprise clients, including e-commerce marketplaces, quick commerce platforms, food delivery companies, and on-demand mobility players. Its service portfolio includes express parcel deliveries, reverse logistics, hyperlocal and quick commerce deliveries, and mobility-related logistics. The business is driven by proprietary, in-house technology platforms that support routing, partner management, security, and address intelligence. Shadowfax follows a scalable platform-based business model, leveraging a flexible gig workforce and data-driven operations. Its key strengths include deep integration with client platforms, nationwide reach, and strong execution capabilities in high-frequency delivery use cases.
IPO schedule
| Issue open date | 2026-01-20 |
| Issue close date | 2026-01-22 |
| UPI mandate deadline | 2026-01-22 (5 PM) |
| Allotment finalization | 2026-01-23 |
| Refund initiation | 2026-01-27 |
| Share credit | 2026-01-27 |
| Listing date | 2026-01-28 |
| Mandate end date | 2026-02-07 |
| Lock-in end date for anchor investors (50%) | 2026-02-22 |
| Lock-in end date for anchor investors (remaining) | 2026-04-23 |
Financials
| Financial Year Ended | March 2024 | March 2025 | September 2025 |
| Total Assets | 786.14 | 1259.26 | 1453.16 |
| Revenue | 1884.82 | 2485.13 | 1805.64 |
| Profit After Tax | -11.88 | 6.43 | 21.04 |
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 1907.27 |
| Fresh Issue - Proceeds go to the company | 1000 |
| Offer for sale - Proceeds go to the existing investors | 907.27 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Funding of capital expenditure for network infrastructure | 423.43 (42.34%) |
| Funding of lease payments for the first mile, last mile and sort centres | 138.64 (13.86%) |
| Funding of branding, marketing and communication costs | 88.57 (8.86%) |
| Unidentified inorganic acquisitions and general corporate purposes | 349.36 (34.94%) |
Strengths
- Asset-light, technology-driven logistics platform with nationwide reach.
- Strong presence across high-growth segments like e-commerce and quick commerce.
- Scalable delivery network covering 14,700+ pin codes across India.
- Proprietary technology for routing, partner management, and security controls.
- Long-standing relationships with large enterprise clients.
Risks
- High dependence on a limited number of large clients for revenue.
- Exposure to seasonal demand fluctuations affects revenue predictability.
- Operations rely heavily on third-party delivery partners.
- Intense competition in the logistics and last-mile delivery sector.
- Any failure of technology systems could disrupt operations.
Allotment Status for Shadowfax Technologies
To check your IPO allotment status:
- Visit the Kfin Technologies IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status