Shadowfax Technologies Limited

Shadowfax Technologies Limited is a Bengaluru based logistics company that runs a technology driven, third party delivery network for e-commerce, direct to consumer brands, and quick commerce. Incorporated in 2016, it offers express parcel delivery along with hyperlocal and same day services, and it operates a rider partner app called Flash for personal courier and instant deliveries. The company positions itself as an asset light platform, relying on a large base of delivery partners rather than owning most of the physical fleet. The business spans a nationwide network that, as of September 30, 2025, included several thousand first mile, last mile, and sort centre touchpoints serving many thousands of pin codes across the country. Its customers include large e-commerce and quick commerce platforms, and it handles a high daily volume of shipments across express parcel, hyperlocal, and quick commerce use cases. The company describes itself as one of the faster growing large third party logistics providers in India. Shadowfax generates revenue primarily from delivery fees charged to enterprise clients, with revenue scaling rapidly over recent years as e-commerce and quick commerce volumes grew. The company was loss making in earlier years and moved to a small profit in the most recent full year, reflecting the thin margins typical of the logistics sector. Its initial public offering combined a fresh issue of shares to fund network expansion with an offer for sale by existing shareholders.

The company raised about 856.02 crore rupees from anchor investors ahead of the issue, allotting 6,90,33,955 shares at the anchor price of 124 rupees per share on the anchor bidding day of 19 January 2026. The anchor portion accounted for roughly 45 percent of the total offer, a large book relative to the size of the issue.