Shadowfax Technologies Ltd. (Mainboard)

Incorporated in June 2016, Shadowfax Technologies Ltd is a technology-led logistics solutions provider in India, focused on e-commerce, D2C, hyperlocal, quick commerce, and personal courier services.
Service offerings include e-commerce express parcel delivery, same-day & quick commerce, hyperlocal delivery, and SMS & personal courier services via the Shadowfax Flash app.
Operates a nationwide logistics network with 4,299 touchpoints across first-mile, last-mile, and sort centres, covering 14,758 pin codes as of September 30, 2025.
Supported by 3.50+ million sq. ft. operational space, including 53 sort centres (1.80 million sq. ft.), enabling large-scale shipment consolidation and dispatch.
Follows an asset-light model by leasing facilities and linehaul while owning automation and machinery; operates 3,000+ trucks daily through its linehaul network.
Platform supported by 205,864 average quarterly unique delivery partners and a workforce of 4,472 permanent employees and 17,182 contractual workers (as of Sept 30, 2025).
Serves leading clients including Meesho, Flipkart, Myntra, Swiggy, BigBasket, Zepto, Nykaa, Blinkit, Zomato, Uber, ONDC, Magicpin, Licious, and others, making it a large-scale end-to-end last-mile and quick commerce logistics provider.
IPO proceeds will be used for network infrastructure capex (₹423.43 cr), lease payments for new centres (₹138.64 cr), branding & marketing (₹88.57 cr), and inorganic acquisitions & general corporate purposes.

Agile and customisable logistics platform – Enables faster go-to-market and scalable delivery solutions for clients.

Largest gig-based last-mile delivery infrastructure – Deep penetration supports e-commerce, quick commerce, and hyperlocal demand.

Robust nationwide network backbone – Extensive touchpoints and automation drive efficiency and scalability.

Losses and negative cash flows – History of operating losses and negative cash flows may continue due to high growth investments.

Network concentration risk – Heavy reliance on a large, integrated logistics network means disruptions can materially impact operations.

High client concentration – Largest client contributes ~49–59% of revenue; loss of a key relationship could significantly affect performance.