Shadowfax Technologies Limited is a technology-driven logistics service provider offering end-to-end last-mile, reverse, and value-added delivery solutions across India. The company earns revenue by providing logistics services to e-commerce, hyperlocal, and consumer internet companies. Its platform integrates routing, workforce management, and real-time tracking to ensure efficient and scalable deliveries across urban and semi-urban markets.

Key Clients & Facilities

Shadowfax serves leading e-commerce, food delivery, and quick-commerce platforms, including large internet-based enterprises. The company operates through a hub-and-spoke asset-light model with sorting centers, city hubs, and dark stores spread across major Indian cities. These facilities enable high-volume processing, faster last-mile execution, and scalable nationwide coverage without heavy fixed infrastructure investments.

Product Portfolio & Order Book Execution

The company’s portfolio includes last-mile delivery, reverse logistics, hyperlocal deliveries, and value-added services such as cash collection and returns management. These services support the full product life cycle of clients, from order fulfillment to returns. Order execution is technology-led with high daily shipment volumes, enabling faster turnaround, predictable service levels, and strong repeat business visibility.

Mergers, Capex & Expansion Plans

Shadowfax has expanded organically and through strategic investments in technology and network scale. IPO proceeds from the ₹10,000 million fresh issue will be used to fund growth initiatives, strengthen technology platforms, expand logistics infrastructure, and enhance working capital. The company aims to deepen penetration in Tier II and Tier III cities while improving operational efficiency.

Employees & Banker Details

As of September 30, 2025, the company had 4,472 permanent employees. The Banker to the Company is ICICI Bank Limited, Axis Bank Limited.

Management & Vision

The company is promoted by Abhishek Bansal and Vaibhav Khandelwal, who bring strong operational and technology experience. Management focuses on building a scalable, asset-light logistics platform driven by automation and data analytics. Near-term growth is expected from e-commerce and quick-commerce demand, while long-term targets include profitability improvement, service diversification, and nationwide dominance. IPO proceeds and internal accruals will fund future capex and expansion.

Industry Overview

Shadowfax operates in India’s logistics and last-mile delivery industry, which is driven by rapid growth in e-commerce, food delivery, and hyperlocal services. The Indian logistics market is valued in multiple trillion rupees and is growing at a high double-digit CAGR, supported by rising internet penetration and digital consumption. The last-mile delivery segment is one of the fastest-growing sub-segments. Globally, logistics is a multi-trillion-dollar industry with steady growth, led by large integrated players and technology-driven platforms.

Key Risk Factors

1. High Dependence on Key Clients
   A significant portion of revenue comes from large e-commerce and internet-based clients. Any loss, slowdown, or renegotiation of contracts with major customers could materially impact revenues and cash flows.
2. Intense Competition
   The logistics and last-mile delivery industry is highly competitive with both organized and unorganized players. Aggressive pricing or service improvements by competitors could affect margins and market share.
3. Operational Execution Risk
   Managing a large, distributed delivery workforce across multiple cities involves execution risk. Service disruptions, delivery delays, or quality issues can impact client relationships and brand reputation.
4. Regulatory and Compliance Risk
   The company is subject to labor, transportation, and data protection regulations. Any adverse regulatory changes or non-compliance could increase costs or restrict operations.
5. Technology Dependence
   Shadowfax relies heavily on its proprietary technology platform. System failures, cyber risks, or inability to scale technology in line with volumes could disrupt operations.
6. Profitability and Cost Pressures
   Rising fuel, labor, and operating costs may impact margins. Sustained profitability depends on achieving scale efficiencies and optimal utilization of resources.

Key Strengths, Moat & Opportunities

1. Technology-Driven Platform
   The company’s proprietary technology enables efficient routing, workforce management, and real-time visibility, creating operational efficiency and scalability across high shipment volumes.
2. Asset-Light Business Model
   Minimal ownership of fixed assets allows flexible expansion, lower capital intensity, and faster scaling across geographies, improving return ratios over time.
3. Strong Client Relationships
   Long-standing relationships with leading e-commerce and consumer internet companies provide revenue stability, repeat business, and opportunities for service expansion.
4. Nationwide Network Presence
   A wide delivery network across metros and non-metros positions Shadowfax well to benefit from rising demand in Tier II and Tier III cities.
5. Industry Tailwinds
   Growth in e-commerce, quick-commerce, and digital consumption creates strong long-term demand for last-mile logistics services.
6. Scalable Growth Opportunity
   IPO-led capital infusion supports technology upgrades, capacity expansion, and market penetration, enabling sustainable long-term growth.