India’s e-commerce and quick-commerce boom just got a major public listing play. Shadowfax Technologies Limited, the Bengaluru-based “Uber of Logistics,” launched its ₹1,907.27 crore mainboard IPO on January 20, 2026.
The issue (fresh ₹1,000 Cr + OFS ₹907.27 Cr) is live until January 22, with listing on BSE/NSE on January 28, 2026.As of Day 2 (January 21, 2026, midday), subscription stands at 0.50–0.55x overall (Retail strong at ~1.1–1.4x, QIB ~0.4x, NII lower). Grey Market Premium (GMP) has cooled to ~3–4% (₹3–6 premium over ₹124 upper band), signaling modest listing gains (₹127–130 expected) amid cautious markets—but long-term tailwinds in hyperlocal/quick commerce remain strong.
Who Are the Founders & Key Leadership?
Shadowfax was founded in 2015 (incorporated 2016) by IIT Delhi alumni:
- Abhishek Bansal — Co-founder & CEO: Drives the vision for tech-led, crowdsourced logistics. He’s been vocal on AI in deliveries, gig efficiency, and green EV fleets.
- Vaibhav Khandelwal — Co-founder: Key in scaling operations (cumulatively, founders hold ~19.13% pre-IPO; neither selling via OFS).
Backed by marquee investors like Flipkart (major seller in OFS), Eight Roads Ventures, Mirae Asset, IFC, Nokia Growth Partners, Qualcomm, and others (including Snapdeal founders Kunal Bahl & Rohit Bansal via OFS).
Business Model: Asset-Light, Tech-Driven 3PL Powerhouse
Shadowfax operates as a technology-led third-party logistics (3PL) platform, focusing on last-mile and beyond for digital commerce. It’s asset-light—no owned fleet at scale—instead leveraging a massive crowdsourced gig network (2+ lakh delivery partners quarterly, 17,000+ contract workers + 4,400+ permanent employees as of Sep 2025).Core Revenue Streams:
- Charges per shipment/service (per-parcel basis) from enterprise clients.
- Major segments:
- E-commerce & D2C Express (~70% revenue): Forward/reverse parcels, same-day/next-day, prime deliveries across 14,758+ pin codes.
- Hyperlocal & Quick Commerce (fastest-growing, ~20–30%): Groceries, pharma, meals—slotted/express within hours.
- On-Demand/SME Courier: Personal/SMS via Shadowfax Flash app.
- Value-adds: Reverse logistics (returns with QC/refunds), critical/high-value (secure), large/heavy goods.
Tech Moat — AI tools like Shadowfax Maps (geocoding accuracy), Shadowfax Shield (fraud prevention), real-time tracking, path optimization. Growing EV fleet for sustainability. Scale: 1B+ parcels delivered, 3,000+ trucks, 3.5M+ sq ft ops space, 4,300+ touchpoints.
Financial Snapshot (from RHP/latest):
- Revenue: ~₹2,485 Cr FY25 (strong CAGR ~32% FY22–25); H1 FY26 ~₹1,800 Cr (68% YoY growth).
- Turned profitable: ₹6.4 Cr net profit FY25 (vs prior losses).
- Growth drivers: E-com/quick-commerce surge, market share gains in hyperlocal.
How to Invest in the Shadowfax IPO
- Apply via ASBA/UPI: Through banks (e.g., HDFC/ICICI), brokers (Zerodha, Groww, Upstox), or apps with IPO section.
- Price Band: ₹118–124 per share.
- Lot Size: 120 shares (Retail min investment ~₹14,880 at upper band; multiples of 120).
- Categories: Retail (10%+ quota, strong demand), NII/HNI, QIB.
- Key Dates:
- Close: Jan 22, 2026.
- Allotment: Jan 23.
- Listing: Jan 28, 2026 (BSE/NSE).
- Registrar: KFin Technologies (check status on their site with PAN/application no.).
- Pros/Cons for Investors: Pros—exposure to India’s logistics consolidation, gig model scalability, profitability turnaround. Cons—thin margins, high client concentration (top client ~49–59%), competition (Delhivery, Blue Dart), execution risks in gig workforce.
Long-term believers in e-com/hyperlocal (projected 23–25% growth) see this as a scale play. GMP muted = limited short-term listing pop, but structural tailwinds strong.
Opportunities for Entrepreneurs & Investors via YTC Ventures
Shadowfax’s rise highlights massive potential in logistics/tech supply chain. At YTC Ventures, we’re bridging exactly this:
- List your logistics/startup for investment/sale.
- Seek mentorship in quick-commerce ops or gig scaling.
- Explore partnerships (e.g., manpower/staffing via YTC, app dev via ArcticFox/YAKBOS, or global expansion).
- Register free at www.ytcventures.com for deal matching, premium listings, or consulting.
Contact: investments@ytcventures.com | WhatsApp +91-9380376419 | Follow @KKSinvestor for more insights.
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