Flipkart-backed Logistics Firm Shadowfax Eyes Rs 3,000 Cr IPO: Report
The IPO discussions follow a recent Series E funding round, where Shadowfax raised USD 50 million at a Rs 3,000 crore valuation
Shadowfax Technologies, the Bengaluru-based logistics firm backed by Flipkart, is reportedly preparing for an initial public offering (IPO) to raise between Rs 2,500 crore and Rs 3,000 crore, according to media reports. The company is likely to target a valuation in the range of Rs 5,000 crore to Rs 8,000 crore as it gears up for its market debut.
As per the reports, Shadowfax, founded in 2015, posted a revenue increase of 43 per cent to Rs 1,415 crore for FY23, while its losses narrowed to Rs 143 crore. The company, which delivers 1.5 million orders daily across 2,500 cities and towns, competes with industry players like Delhivery and Ecom Express.
In terms of ownership, private equity funds reportedly hold a 54 per cent stake in Shadowfax, with Flipkart owning 16 per cent, and the founders retaining around 20 per cent. Eight Roads Ventures is said to be the largest shareholder, with a 25 per cent stake. Other stakeholders include Nokia Growth (6.3 per cent), Mirae Assets (5.9 per cent), IFC (5.5 per cent), NewQuest (3.7 per cent), and Qualcomm (4.1 per cent).
The IPO discussions follow a recent Series E funding round, where Shadowfax raised USD 50 million at a Rs 3,000 crore valuation, according to media sources.
