Shadowfax IPO Race Begins: Flipkart-Backed Logistics Startup Files Confidential Papers

India’s logistics landscape, long dominated by legacy players, has seen a revolution over the past few years—led by nimble, tech-first startups. Among them, Shadowfax, a Flipkart-backed last-mile delivery firm, has silently made its mark. Now, it’s stepping into the public market spotlight—on its own terms.

In a strategic move, Shadowfax has filed its draft red herring prospectus (DRHP) under the confidential route to raise Rs 2,000–2,500 crore via an initial public offering (IPO). This step marks its intent to join the fast-expanding league of Indian startups heading for public listings in 2025.

This route allows Shadowfax to quietly assess investor appetite, market dynamics, and timing—without revealing all its cards. And in a fiercely competitive logistics space where players like Delhivery and Ekart are watching closely, this discretion might be more than just strategic; it might be essential.

Shadowfax: A Confidential Yet Confident Move

Shadowfax’s decision to file confidentially mirrors a growing trend among Indian startups, especially those with ambitions to go public but wanting to shield their data from competitors. The confidential filing offers breathing room—to test waters, tweak offers, and enter the market when conditions are just right.

This approach is not unique. Startups like Groww, PhysicsWallah, and Shiprocket have also opted for confidential DRHP filings in recent months, showing a strong appetite to enter the public market—but wisely.

Though details of how Shadowfax plans to split its IPO between primary capital and Offer For Sale (OFS) are not yet disclosed, market chatter suggests a likely equal split. That means the company could be looking at Rs 1,000–1,250 crore in fresh capital, with the rest allowing existing investors to partially exit or dilute their stakes.

Momentum Builds: Other Startups Join the Queue

Shadowfax’s move comes at a time when other new-age companies are making similar bids. Over just the past two weeks, the IPO buzz has been hard to ignore. Pine Labs, Wakefit, and Curefoods have all filed their DRHPs—raising a combined Rs 4,000 crore in primary capital. With Shadowfax adding another Rs 1,000–1,500 crore to that figure, India’s startup IPO wave is gathering pace.

These are not isolated moves. Industry watchers believe the upcoming months will be busier, with Meesho and Lenskart also lining up their IPOs. Both unicorns are reportedly eyeing $1 billion (approximately Rs 8,500 crore) in public capital and may file confidentially as well, following the path Shadowfax has now taken.

Flipkart’s Bet, Market’s Gain?

Backed by Flipkart, Shadowfax is no stranger to high expectations. As India’s e-commerce ecosystem grew, so did the need for efficient logistics partners—and Shadowfax, with its hyperlocal delivery network and tech-driven infrastructure, stepped up to fill the gap.

But logistics is no easy game. With cutthroat margins, delivery timelines that are shrinking by the day, and customer expectations soaring, surviving—let alone thriving—is a feat in itself. Shadowfax’s decision to tap public markets suggests that it’s confident in its growth trajectory and ready to fuel its next chapter.

Why This IPO Matters

For public market investors, Shadowfax’s IPO will offer a peek into the backend muscle that keeps India’s e-commerce dreams running. Unlike the glamorous front-end startups, logistics players often operate behind the scenes—but they are the true lifelines of the ecosystem.

This IPO is not just about raising funds. It’s about gaining visibility, credibility, and the financial firepower to compete with giants like Delhivery, Ekart, and emerging rivals.

It also sends a signal to the market: India’s logistics sector is IPO-ready—and confident.

Shadowfax’s IPO is part of a broader wave sweeping Indian startups. After years of private fundraising, venture capital sprints, and unicorn taglines, the next phase is here—public market accountability and growth. The numbers are stacking up, and so is the excitement.

With a combined Rs 4,000 crore already being raised by Pine Labs, Wakefit, and Curefoods, and now Shadowfax potentially adding another Rs 1,000–1,500 crore, the tide is turning.

And with Meesho and Lenskart also waiting in the wings, India’s startup IPO season is just heating up.