Bengaluru-based logistics startup Shadowfax Applied sciences has filed an up to date draft purple herring prospectus (UDRHP) with the Securities and Alternate Board of India (SEBI) to lift as much as Rs 2,000 crore by an preliminary public providing (IPO). 

The proposed situation will embody a recent share sale price Rs 1,000 crore and an offer-for-sale (OFS) of as much as Rs 1,000 crore, permitting a number of present traders to partially offload their holdings.

Promoting shareholders embody Flipkart Web (owned by Walmart), Eight Roads Investments Mauritius, TPG’s NewQuest Asia Fund, Nokia Development Companions, Mirae Asset, Qualcomm, Worldwide Finance Company (IFC), and Snapdeal co-founders Kunal Bahl and Rohit Bansal.

Shadowfax mentioned the UDRHP-I’ll stay open for public feedback for not less than 21 days from the date of submitting. Relying on the suggestions obtained and SEBI’s observations, the corporate might file UDRHP-II earlier than submitting the purple herring prospectus (RHP) with the Registrar of Corporations. 

Notably, the market regulator had earlier approved Shadowfax’s confidentially filed DRHP on October 7, 2025. 

Based in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax operates a nationwide technology-driven logistics community serving e-commerce, grocery, meals, and drugs deliveries throughout greater than 14,000 pin codes.

The corporate claims to have over 1.25 lakh month-to-month energetic supply companions, making it certainly one of India’s largest last-mile logistics networks. In response to the UDRHP, promoters maintain 20.26% of the corporate’s shares, whereas 79.74% is owned by public shareholders, together with Flipkart Web, NewQuest Asia Fund, and Eight Roads Investments Mauritius, every with greater than 14% stake.

The corporate plans to deploy Rs 423.4 crore from the recent situation to develop its community infrastructure, Rs 138.6 crore towards lease funds for brand new first-mile, last-mile, and sortation facilities, and Rs 88.6 crore for branding and advertising and marketing. The remaining proceeds might be used for potential acquisitions, expertise upgrades, and basic company functions.

For the primary half of FY26, Shadowfax reported a internet revenue of Rs 21 crore, up 113.9% from Rs 9.8 crore in the identical interval final yr, whereas income surged 68.4% to Rs 1,805.6 crore from Rs 1,072 crore. The corporate processed 29.4 crore orders throughout this six-month interval, reflecting a 50.11% CAGR over the earlier yr. 

In FY25, it recorded income of Rs 2,485 crore and a internet revenue of Rs 6.4 crore, marking a turnaround yr. The IPO might be managed by ICICI Securities, Morgan Stanley India Firm, and JM Monetary.